Russia to get through any oil prices, including long period of its low cost

Business & Economy September 30, 10:01

Russian Deputy Prime Minister Alexander Novak stressed that strategically, the Russian economy’s dependence on hydrocarbons, on oil, on gas was declining

MOSCOW, September 30. /TASS/. Russia is able to get through any oil prices, including a long period of its low cost, Deputy Prime Minister Alexander Novak said in an interview with Hadley Gamble for Al Arabiya TV channel.

"We will get through any prices," he said.

"I would like to say that overall, strategically, our economy’s dependence on hydrocarbons, on oil, on gas is declining. Previously energy exports accounted for more than 50% of budget revenues, while now they equal less than 30%," Novak said when commenting on a statement that Russia will not be able to cope with a long period of low prices.

Last year Russia’s economy grew by 3.9%, which is higher than the global average rates, including in Europe and the US, he said, adding that GDP growth amounted to 4.4% in the first seven months of this year.

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