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Situation in Greece may only have indirect impact on Russian economy — minister

July 07, 2015, 10:46 UTC+3 MOSCOW
"Some indirect impact first of all via the movement of oil prices is possible," Russian Economic Development Minister said
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© AP Photo/Petros Giannakouris

MOSCOW, July 7. /TASS/. The situation in Greece won’t have a direct impact on Russia’s economy, Economic Development Minister Alexei Ulyukayev told reporters on Tuesday.

"This won’t have any direct impact because the trade volume and investments between our countries are so insignificant that there can’t be any serious influence. But some indirect impact first of all via the movement of oil prices is possible," Ulyukayev said.

The minister said that any movement of "our main export product definitely influence the currency rate".

"That is why, all other things being equal, the decline in oil prices means moving towards the weakening of the ruble rate," the minister said.

Ulyukayev also said that the current situation in Greece may lead to a slight capital outflow from developing economies.

"In the situation, when risks emerge and some investors think that these risks concern the euro-zone that means that they will be choosing for more qualitative assets. A slight outflow of capital from developing markets is possible as well as a heightened volatility of goods, first of all of oil," - the minister said.

The Economic Development minister added that despite a heightened volatility on the markets their balance will soon be restored.

"This (situation around Greece as well as the reaction of global markets on it - TASS) has an indirect influence. But I think that the markets will find the balance quite quickly," Ulyukayev said.

On July 5, the population of Greece voted in a referendum to decide whether the government should accept or reject a draft agreement submitted by the European Commission, the European Central Bank and the International Monetary Fund at a meeting of the Euro Group (Council of Finance Ministers of the euro area) on June 25.

After the processing of 100% of ballots it was revealed that 61.31% of Greeks spoke against the terms of agreement with creditors.

The Greek government is confident that the support of its position by Greek population at the referendum will help it sign an agreement with the creditors. In their turn, the creditors opposed the referendum saying that the answer "no" may lead to the country’s withdrawal from the Euro-zone and return to the drachm.

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