Source Pravda.Ru

Economy Minister outlines negative consequences of high oil prices

Russian Economic Development and Trade Minister German Gref had a meeting with journalists in Moscow today and commented on the impact that high oil prices have on the Russian economy. He admitted that high oil prices had a two-sided effect. "High oil prices are a good and a bad factor at the same time," the Minister was quoted as saying. On the one hand, they provide high revenues in the oil industry along with an opportunity for raising investments and budget revenues. On the other hand, high oil prices slow down reforms, create an impression of welfare and strengthen the real ruble rate. The latter is a negative factor for other industries, in the first place, domestic processing industries, Gref said.

Comments
Putin sets Merkel against Trump. She doesn't mind
USA freezes hundreds of millions of Russian dollar assets
USA freezes hundreds of millions of Russian dollar assets
Russia starts executing S-400 missile systems deal with Turkey in 2019
Russia refuses to build helicopter carriers, but considers aircraft carriers
Putin sets Merkel against Trump. She doesn't mind
One step closer to a resolution in Syria
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Putin sets Merkel against Trump. She doesn't mind
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Putin sets Merkel against Trump. She doesn't mind
Putin sets Merkel against Trump. She doesn't mind
Ukraine dreams of what it can do to Crimea after winning war with Russia
US-Russian confrontation: War is peace, freedom is slavery
Default more likely to hit American, rather than Russian economy
Russia refuses to build helicopter carriers, but considers aircraft carriers
Pilot shares his impressions after flying Su-57 fifth-generation fighter
Turkey desperately tries to rescue its national currency as it falls to all-time lows
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart