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Sberbank CEO expects no ‘black swans’ in Russian economy next year

December 28, 2016, 2:46 UTC+3 MOSCOW

The Russian budget, as well as banks and businesses, are prepared to operate under oil prices below $45, Gref said

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German Gref

German Gref

© Artyom Geodakyan/TASS

MOSCOW, December 28. /TASS/. Sberbank CEO German Gref believes that in the coming year the Russian economy is unlikely to face the "black swans," referring to a theory describing a highly improbable event that is unpredictable, has a massive impact and is often inappropriately rationalized after the fact with the benefit of hindsight.

"I expect no black swans in the coming year. Even if prices for raw materials do decline, it won’t be significant, they are already low. Aluminum prices have nowhere to fall. Coal may become cheaper, but its price grew this year, so there is some room for maneuver. Oil now trades at $52-53, and even if the price falls to $45, there will be no shock," the head of Russia’s largest bank said.

He added that the Russian budget, as well as banks and businesses, are prepared to operate under oil prices below $45.

"There is hope that the geopolitical situation will stabilize. So, after two very difficult years we enter 2017 - the year of 100th anniversary of the October revolution - with relatively positive expectations," the official said.

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