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Falling oil prices, geopolitics cost Russian budget 4% GDP — minister

October 02, 2014, 11:46 UTC+3 MOSCOW
The current year was uneasy from the viewpoint of external factors and shocks, Russian Finance Minister Anton Siluanov says
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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© Valery Sharifulin/TASS

MOSCOW, October 2. /TASS/. Falling world oil prices, geopolitics and the curtailment of the US Federal Reserve’s stimulus program have cost the Russian budget 4% of GDP, Finance Minister Anton Siluanov said on Thursday.

“The current year was uneasy from the viewpoint of external factors and shocks. This refers to the expectations of the curtailment of quantitative easing, geopolitical changes and risks. This has affected the investor behavior,” Siluanov said at an investment forum organized by Russia’s VTB Bank.

A plunge in world oil prices has also affected Russia’s economic growth, the finance minister said. “The oil price was $105-110 per barrel in the first half whereas now it stays at $101 per barrel,” the minister said.

However, the Russian government’s restrained policy has helped the country withstand all these external shocks, he said. “We’ll continue to pursue such policy,” the finance minister said.

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