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Russian minister says shocking response to Brexit will not last long

June 24, 2016, 19:33 UTC+3

According to Minister of Economic Development Alexey Ulyukayev, the EU is entering a long period of high uncertainty after Brexit

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TASHKENT, June 24. /TASS/. Shocking response to Brexit will not last for a long time. It is caused by perplexity on the markets and will stabilize in several days, Minister of Economic Development Alexey Ulyukayev said on Friday.

"A shocking reaction is a very short-term and very quick one. Markets are perplexed because they assumed but did not directly expect that. I think this is a question of several days to return to a more or less stable zone," the Minister said.

The EU is entering a long period of high uncertainty after Brexit, Ulyukayev said. "I think EU leaders do not quite understand what will be after that. Now there will be a long phase of negotiations and the decision on the status of relations between the EU-27 and the United Kingdom," the Minister added.

Brexit will not entail review of Russia’s official oil price outlook

According to the minister, Brexit will not lead to revision of the Russian official oil price outlook for 2016 that currently stands at $40 a barrel.

"This is absolutely not a basis [for revision - TASS]," the Minister said.

The average oil price in coming years will be $40 a barrel, according to the revised outlook of the Economic Development Ministry. The Finance Ministry agrees with such an estimate, while the Bank of Russia assumes it will be $38 per barrel this year.

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