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Oil prices key factor in Russia's economic slowdown — Sberbank CEO

January 14, 2015, 12:40 UTC+3 MOSCOW

Actual structural slowdown of the economy and the geopolitical situation surrounding Russia are the other two factors affecting the economy

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© ITAR-TASS/Yuri Smityuk

MOSCOW, January 14 / TASS/. Oil prices are among the three main factors in slowing down the Russian economy, Sberbank CEO German Gref said on Wednesday.

"There are three key triggers to slowing down the economy: actual structural slowdown of the economy, the geopolitical situation surrounding Russia and the situation with oil prices, the last one becomes the key factor," Gref said at the Gaidar Forum in Moscow.

According to Gref, in recent months, there was a sharp decline in prices, and now the price of oil is teetering on the at-cost level.

"For many countries, this is a very painful level of oil prices, Gref added.

Infographics Oil prices over 30 years

Oil prices over 30 years

Year-average inflation-adjusted oil price. Infographics by TASS

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