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Russian minister says shocking response to Brexit will not last long

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

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Brexit vote shakes Europe, prompts British PM Cameron to resign

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

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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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