Russian senior MP calls on EU politicians not to hide heads in sand in Syrian settlementRussian Politics & Diplomacy March 26, 18:09
Three Russian fans stabbed after football match in BelgradeSport March 26, 3:28
Russia ready to take part in restoring oil production in Syria - energy ministerBusiness & Economy March 26, 3:27
Moscow disappointed over new US sanctions against Russian companies - Foreign MinistryRussian Politics & Diplomacy March 26, 1:28
US sanctions 8 Russian companies over non-proliferation lawWorld March 25, 21:53
Russia's Defense Ministry says US-led coalition unlikely to launch battle for Raqqa soonRussian Politics & Diplomacy March 25, 19:06
Russia cuts oil production by 185,000 barrels per day as of today — energy ministerBusiness & Economy March 25, 18:30
OPEC has no objections to speed of Russia's oil production cutsBusiness & Economy March 25, 12:38
Opposition leader Vladimir Neklyayev detained in Belarus - news agency directorWorld March 25, 5:33
MOSCOW, April 20. /TASS/. If Russia had no sovereign reserves it could have been forced to slash military spending by half and reduce retirement benefits by one third amid current environment, the former Russian Finance Minister and the head of the Civic Initiatives Committee think tank Alexey Kudrin said Wednesday.
"Without this reserve [sovereign reserves - TASS] we would have been forced to cut military spending at least by half already today and decrease wages and pension payments by 20-30% straightaway if there were no reserves," he said, adding that "today those reserves are underestimated."
If the oil price remains at the level of $40-50 per barrel Russia’s budget deficit will reach 4.5-5% of GDP, Kudrin went on to say, adding that this will be the biggest challenge for the Russian economy for the nearest 3-4 years.
"[Russia will face] the biggest challenge for 3-4 years if the oil price remains at the current level of $41-43 [per barrel] or even surge to $50 (per barrel) within three years, even in this case the country’s budget system will have deficit of around 4.5-5% amid commitments made earlier," Kudrin said.