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PM: Low oil prices enable Russia to change structure of its economy

February 05, 21:11 UTC+3 GORKI
The policy of import substitution means that it is necessary to make products and goods that would compete on the international markets, the Russian prime minister says
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© Ekaterina Shtukina/Russian government's press service/TASS

GORKI, February 5 /TASS/. Russia should take advantage of low oil prices to change the structure of its economy, Prime Minister Dmitry Medvedev said at a meeting with the candidates to the Supreme and the General Councils of the United Russia party. On the contrary their recovery to the previous level would let the authorities relax again, he added.

"The challenges we face now — if they were not here, we should have probably made them up. Of course, low oil prices, in general hamper us now. But, on the other hand, when I meet my colleagues at the government, I can frankly tell you that I tell them: if the oil prices grow back to their previous level (people don’t always have a strong will to set their own beliefs to economic factors) if the price is back to 140 [dollars per barrel], everyone will relax again," Medvedev said.

According to him, people will act according to the principle "leave well enough alone."

"When everything seems to go smoothly again, you can start forming various funds again. And that the way it will be, believe me. If tomorrow we see such a leap [in oil prices — TASS] by three four times — that will be over. That is why we are obliged to use these difficult moment and really change the structure of the economy," Medvedev said.

The Prime Minister said that the policy of import substitution means that it is necessary to make products and goods that would compete on the international markets. "That is what import substitution is", the head of the Russian government said.

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