Russia may face a sharp drop in oil prices with a gold reserve, said the Head of the Ministry of Finance Anton Siluanov in interview to television channel CNBC.
The Finance Minister acknowledged that the low price of oil affect the development of Russia's economy, explaining that it's largely associated with the extraction and processing of oil.
"so, Our goal is to try to reduce dependence on world energy prices. Because of this, the budget is based on the fiscal rules that determine the oil prices of $ 42 per barrel, and no matter what happens with the prices, we will have the means to fulfill our obligations, because we have accumulated large gold reserves - more than seven % of GDP, " he said.
The head of the Ministry explained that, even if the price of oil will drop to 30 or 20 dollars per barrel, the state will be able to perform their functions for three years without any shocks to the budget.
Siluanov added that the Russian Federation is interested in the prices of petroleum products was stable and predictable, and today's prices Moscow are satisfied.
first printed edition of "Izvestia" said that the Finance Ministry has predicted losses of the Russian budget in case of falling of the oil prices to ten dollars. Analysis Department, the Treasury will not receive 70 % of GDP, if this situation will last ten years.
<span style="color:darkgray
sections: Politics |