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Russia will cope with new challenges but some steps will have to be adjusted - Medvedev

The key task is people’s health, Deputy Chairman of the Russian Security Council noted

MOSCOW, March 30. /TASS/. Russia will be able to cope with the economic problems stemming from the falling oil prices and the novel coronavirus pandemic but some decisions will have to be adjusted as the situation develops, Deputy Chairman of the Russian Security Council Dmitry Medvedev said in his address to the nation that was posted in social networks on Monday.

He noted that the global economy and many countries are already having economic problems because of the coronavirus pandemic but "Russia has been faced with a double shock: falling oil prices on top of the virus," but the country has successful experience of coping with such problems after the 2014-2015 crisis when oil prices dropped dramatically and anti-Russian sanctions were imposed. Despite this, Russia has managed to resolve this problem. It has managed to develop many industries as part of the import substitution program and has become still stronger, he pointed out.

"I am convinced that we will cope with the current situation with flying colors. But, obviously, we will have to adjust certain decisions depending on the situation," he stressed, adding however that economic problems is not what matters most today. "The key task is people’s health," he noted.

In his address to the nation on March 25, Russian President Vladimir Putin suggested a range of measures to support small and medium-sized businesses amid the coronavirus outbreak. The president announced a decision to grant small and medium-sized businesses deferred tax on all taxes, except VAT, for next six months. And for micro-enterprises, in addition to such a tax deferral, he also proposed a deferral of insurance contributions to social funds. According to him, these measures will be extended to companies operating in sectors most affected by the coronavirus.

The Russian government has drafted a plan of top priority measures to prevent adverse impacts of the coronavirus situation of the economy and people’s wellbeing. Apart from that, the Russian Central Bank has taken a number of measures to support the banking sector, businesses and population.

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