Russian prime minister declares 3rd Winter World Military Games openMilitary & Defense February 24, 22:33
Russia to veto UNSC resolution imposing sanctions on Syria — envoyRussian Politics & Diplomacy February 24, 22:29
Ukrainian MP Savchenko arrives in Donetsk republic to visit Ukrainian prisoners — agencyWorld February 24, 22:25
Russian Defense Ministry surprised over German MPs reaction to Reichstag miniature plansRussian Politics & Diplomacy February 24, 16:32
Iraq's PM orders airstrikes on IS positions in SyriaWorld February 24, 16:09
Nord Stream 2 financing model to be ready by year end - OMVBusiness & Economy February 24, 13:44
Churkin left bright mark in history of Russian diplomacy, Lavrov saysRussian Politics & Diplomacy February 24, 12:20
Cargo spacecraft docks ISS in automatic modeScience & Space February 24, 11:58
Belarus to present to European Commission report on NPP stress tests' results - ministryBusiness & Economy February 24, 11:36
MOSCOW, January 28. /TASS/. External shocks cause Russian economy shock damage of $200 billion, Finance Minister Anton Siluanov said on Wednesday.
"The effect of external shocks for the current account balance is around $200 billion. First of all, it’s the drop in oil prices, we are receiving less currency. All experts admit this situation will continue in the long term. There will be no quick rebound in the price of oil like the one we saw in 2008-2009. That’s because oil production is high, and given the slowing economic growth, this surplus production is pushing prices down," Siluanov said.
"The price of oil per barrel will remain at low levels, according to estimates. Today the price is below $50. We expect it to grow in the future, but it’s unlikely prices will return to $100 or higher" Siluanov added.
The Finance Ministry will allocate $2.4 billion of budget loans for regional commercial debt refinancing, Siluanov added. He said that the volume of regional debt rose last year by 20% and now stands at more than $29.7 billion (2 trillion rubles). That is why the proposed anti-crisis plan is aimed at supporting the regions in terms of debt repayment to commercial banks.
The ministry will also increase by $444.8 million in budget funds for project financing, he noted.
Annual inflation in Russia is estimated at 12.5% for the time being, Siluanov said. He noted that many factors are affecting those numbers, including the ruble devaluation and effect from sanctions. "That is why we should not uncoil that inflation spiral, we need to take measures to limit investment spending growth, and limiting indexation," the minister said.