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Putin: Russia to keep decreasing dependence on sales of hydrocarbons to Europe

November 06, 2014, 23:06 UTC+3
“Alongside with that, we intend to optimize the budget spending, monetary and fiscal policy,” Putin said
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© ИТАР-ТАСС/ Юрий Смитюк

MOSCOW, November 6. /TASS/. Russian President Vladimir Putin said Thursday Russia will keep decreasing excessive dependence on sales of hydrocarbons to Europe through increasing exports to countries of the Asia-Pacific region.

“The steps taken by us [to reduce the negative effect from lowering oil prices] are of comprehensive and long-term nature,” Putin said in an interview with the leading Chinese media outlets.

“They envisage further diversification of the structure and growth sources of Russian economy as well as the decrease of over-dependence on the European hydrocarbon market, among other things due to the growth in oil and gas export to the countries of the Asia-Pacific region,” he said.

“Alongside with that, we intend to optimize the budget spending, monetary and fiscal policy,” Putin said.

“Certainly, we cannot ignore the developing oil market conditions taking into account the important role of fuel and energy production incomes in generating budget revenues,” he said.

“It is obvious that the risks connected with the new situation at the global oil market affect quite a wide range of states and companies. That is why we support a constant dialogue on this issue with the leading producers and consumers of energy resources,” the Russian president said.

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