The Russian President Vladimir Putin on Wednesday will hold a government meeting, which will discuss issues of support for distressed sectors of the economy.
"Putin will hold a regular meeting with government members, during which it is expected to discuss the implementation in the 2nd half of 2015 measures to support sectors of the economy who find themselves in difficult financial and economic situation ", — leads RIA "Novosti" letter of the press service of the Kremlin. Russia is already the second year that exists in the conditions of sanctions, imposed by Western countries on the situation in Ukraine, first against private individuals and legal entities, and then — against entire sectors of Russia's economy.
The situation is aggravated by the collapse of oil prices, which lasts from the beginning of the previous summer. Russia this summer extended food embargo concerning States that have entered against her punishment, Another year — 5 August 2016. It was a response to the extension of EU sanctions against Russia until 31 January of the same year. The limits affect the US, EU, Canada, Australia and Norway. Prime Minister Dmitry Medvedev on Tuesday said that the Government can sign up to the President with a petition to lengthen the list of countries that fall under the food embargo. First of Montenegro, Albania, Iceland, Liechtenstein, Norway and Ukraine joined the extended economic sanctions of the EU towards Russia. In addition, last week the U.S. Treasury Department said on the introduction of new penalties regarding eleven physical and fifteen legal entities, including, for example, "daughter" Bank and " Rosneft ". The limits are also affected personally by Roman Rotenberg, a Russian businessman, the son of the businessman Boris Rotenberg and his nephew Arkady Rotenberg, the son of former President of Ukraine Oleksandr Yanukovych. In terms of penalties and retaliatory food embargo of the Russian Federation a priority for the Russian authorities was the development of import-substituting industries. Another problem for the Russian economy are sharp fluctuations in the prices of petroleum products. This week they hit a new lows on expectations of a return of Iran to the world market after the lifting of sanctions. The price of Brent for the first time since January have gone below $ 50 per barrel. Against this background, the dollar and the Euro on the first day of the week has jumped almost 2% against the ruble — prior highs from March in district 63, 025 rubles and 69, 10 rubles respectively. Experts are afraid that the oil will update low this year around 45 dollars per barrel and the ruble will slide to the level of 65 rubles per dollar. In this situation the Bank of Russia, you May need to take regular measures to stabilize the currency market. Due to the sharp volatility in the oil market, the Russian authorities many times had to correct macroeconomic forecasts and budget. Last forecast Ministry was set based on the average annual price for oil in 2015 to $ 50 per barrel. In 2016–2018, the Ministry expects the price level are 60, 65 and 70 dollars per barrel respectively. Despite all the problems, the Prime Minister believes that the worst-case scenario in the Russian economy turned out to defend. Despite the pessimistic forecasts, the authorities managed to stabilize the situation, adapting to the new conditions, Medvedev said at the end of July in conversation Slovenian media. The government of the Russian Federation at the end of January adopted the anti-crisis plan for 2015-2016, which predusmatrivaet support of most sectors of the economy. This package of measures aims to provide sustainable economic development in the context of an unfavourable external environment. According to Medvedev, the economic problems of Russia are currently associated mostly with the punishment of the West, and with the backlog of internal structural imbalances. The Prime Minister expects the Russian economy is already at the end of the current — early next year, will take to the path of improvement. International monetary Fund following the completion at the end of July the annual consultations with the Russian Federation positively assessed the measures taken by the Russian authorities of the Russian Federation to stabilize the economy. Medium-term growth of the Russian economy, according to IMF forecasts, will be limited to 1, 5% per year, With the main risk will remain geopolitics. The Fund predicts that the punishment of the West and the response of the Russian Federation will reduce the economy by 1-1. 5% at the initial stage, and in the medium term, — 9% of GDP. First, in July, the IMF has improved the forecast on the dynamics of Russia's GDP in 2015 to decline to 3, 4% expected in April 3, 8%, but worsened the forecast increase in 2016 to 0, 2% 1, 1%. The world Bank expects the fall of the Russian economy in 2015 by 3, 8%, and in 2016, only 0, 1%. The Ministry of economic development predicts the Decline of Russia's GDP in 2015 by 2, 8%, industry — 1, 3%. Already in 2016, the Russian economy, according to the Mayor, will grow by 2, 3% When the price of oil at $ 60 per barrel. According to the analysis of economic development, for the first half of the Russian GDP decreased by 3, 4% on the same period in 2014. The decline in the industry of Russia, according to Rosstat, in January-June amounted to 2, 7%.