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Russia prepares stress scenario based on $25 per barrel oil price — minister

January 13, 17:54 UTC+3 MOSCOW
"We’re preparing a stress test scenario in order to be ready for any unexpected situation… We’re even preparing calculations based on the level of up to $25 per barrel," the minister said
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© Sergei Bobylev/TASS

MOSCOW, January 13. /TASS/. Stress scenario based on $25 per barrel oil price is being prepared, Economic Development Minister Aleksey Ulyukayev said in an interview aired by the Rossiya-24 TV news channel on Wednesday.

"We’re preparing a stress test scenario in order to be ready for any unexpected situation… We’re even preparing calculations based on the level of up to $25 per barrel," the minister said.

He added that this scenario implies the ruble’s exchange rate at more than 80 rubles per dollar. "There are serious chances that the ruble will strengthen. Base case forecast implies 63 rubles per dollar exchange rate. Stress test analysis has other rates - 80 and even more than 80 [rubles per dollar]," he said.

Putin urges government to be ready to any turns in development of economic situation

Russian President Vladimir Putin has urged the Russian government to closely watch the development of economic situation in Russia and be ready to any turns.

"We should be ready to any scenarios in the development of the (economic) situation," Putin told the cabinet of ministers at a meeting on Wednesday.

Putin urged the ministers to watch how the situation in the market was changing. "I know that the government has already started analyzing this work. I would like to call your attention to the fact that these issues are extremely important. We should be ready to any turns in development of the situation in the markets of raw materials and the stock markets. It is necessary to watch them closely and have options ready for any scenarios of development of the Russian economy," the Russian leader said.

Putin urged the prime minister, the Finance Ministry, the Ministry of Economic Development and other agencies and departments to join this work. "It does not mean that we should make any radical changes now," the president added.

Putin believes that despite all fluctuations at external markets, the Russian authorities have been highly professional and their actions have been well considered to the highest degree.

"Incidentally, a lower budget deficit - lower than the one we had expected - 2.6% of the GDP last year speaks for itself," Putin said adding that it was a good macroeconomic indicator from the point of view of balancing finances and the budget. The president said he expected the government to react as professionally, prudently and promptly to any challenges that might arise in the global and Russian economies in 2016.

"We hope that the situation is going to change for the better. But I would like to repeat that as usual we should do everything to be ready for any scenarios," the Russian president concluded.

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