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Russian economy can survive low oil prices - Russia's Finance Minister

September 26/2011

(RIA Novosti) -- The Russian economy will be able to function normally for a year, if global oil prices fall to USD 60 per barrel, Finance Minister Alexei Kudrin said on Monday in an interview with Russia Today international news TV channel. "We expect this fall will certainly cause a decrease in our economic growth down to nearly zero or below zero, but in terms of the budget policy we'll be able to cope with this for up to a year," Kudrin said.


Russia's finance minister said on Saturday he expected world oil prices to fall to USD 60 per barrel in the next one and a half to two years and stay at this level for about six months. After this, "we'll have to adjust policy and reduce expenditure. As a whole, however, we are ready to provide stability for a year or two and fulfil all our commitments," Kudrin said.


Russia's federal budget for the next three years is based on a forecast of Urals average yearly oil price at USD 100 per barrel in 2012, USD 97 per barrel in 2013 and USD 101 per barrel in 2014.


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