Russia » Economics

Opinion: Russian Economy Will Not Suffer Even if Oil Prices Fall by 50% - 8 April, 2003

'The Russian economy will not suffer even if oil prices fall by half,' announced President of YUKOS oil company Mikhail Hordovsky at a meeting with journalists in Moscow yesterday. As a Rosbalt correspondent reports, Mr Hordovsky pointed out that oil extraction in Russia only accounts for 15% of GDP and therefore this industry is not of critical importance for the country as a whole. 'The Russian economy is relatively steady at present and this is unlikely to change,' said Mr Hordovsky.

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