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Source: http://finance.yahoo.com/news/know-bad-russia-start-hoarding-063454177.html

The ruble has sunk 19 percent this month to 61 per dollar even after posting a 10 percent rebound on Wednesday triggered by the government's sale of dollars and central bank measures to help companies refinance looming foreign-currency debt. The currency's down 46 percent this year through yesterday, the result of tumbling prices for oil, Russia's top export, and international sanctions tied to the Ukraine conflict.

I can't find the subject and verb in that sentence. Is currency's in the possessive case or is 's just a contraction form of is? Which part of the sentence is Russia's top export grammatically aligned with?

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It's a poorly-written sentence to begin with... let's see what we can pull out:

The currency's down

Yes, this is equivalent to

The currency is down

This is your subject and verb. The rest of the sentence

down 46 percent this year through yesterday, the result of tumbling prices for oil, Russia's top export, and international sanctions tied to the Ukraine conflict.

would be more clear by using 'which is' and moving the phrase 'Russia's top export':

down 46 percent this year through yesterday, which is the result of tumbling prices for Russia's top export, oil, and international sanctions tied to the Ukraine conflict.

This could also be read as

The currency is down 46 percent this year through yesterday because of

  • tumbling prices for Russia's top export, oil, and
  • international sanctions tied to the Ukraine conflict
  • Is it a grammar mistake in this sentence? – user11470 Dec 18 '14 at 13:57
  • @Humbulani It's poorly written, but not wrong, no. – Mooseman Dec 18 '14 at 14:01
  • Why was the verb ( or the preposition) omitted from 'the result of tumbling prices for oil, Russia's top export, and international sanctions tied to the Ukraine conflict.' The word 'tied up' is a passive participle, right? – user11470 Dec 18 '14 at 14:10
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    @Humbulani "The currency is down" and "the result" are in apposition. Here, "the result" is apposed with "[the fact that] the currency is down". Also, "result" is modified by an "of" prepositional phrase, which takes two objects joined by "and": "tumbling prices" and "international sanctions". The phrase "tied to" modifies "sanctions": "sanctions [that are] tied to...". – apsillers Dec 18 '14 at 14:54
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The currency's down 46 percent this year through yesterday, the result of tumbling prices for oil, Russia's top export, and international sanctions tied to the Ukraine conflict.

The currency is down 46 percent this year through yesterday--the result of tumbling prices for oil (Russia's top export) and international sanctions tied to the Ukraine conflict.

Compare: She lay comatose -- the result of severe dehydration.

The second clause is in apposition to the first clause, as its explanation.

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