Russia » Economics
Author`s name Dmitriy Sudakov

Oil drops below 60 dollars per barrel, Putin unhappy

Prime Minister Putin is dissatisfied with Russia’s current dependence on the export of oil. Russia’s foreign trade has increased 2.2 times during the recent eight years, Putin said at a governmental session Monday. Nevertheless, the foreign trade structure remains unsatisfactory, Putin said.

“Russia still strongly depends on the export of hydrocarbons and other raw materials, which means that the country also depends on the conjuncture of world prices,” RIA Novosti quoted Putin as saying.

“The temptation of simple decisions is obviously strong against the background of the financial crisis, which the whole world suffers from today. It may often go about the closing of national economies, the aggressive protectionism, restrictions for the movement of capitals. Of course, we must take into consideration the reality of today and we will do so in our practical politics, although, strategically, isolation is not our choice,” Putin said.

“Our choice is to continue Russia’s further integration into the global economy. It has been changing, of course, although it is our perspective to join efforts,” the prime minister said.

Putin started to raise the subject of Russia’s oil export dependence about 18 months ago when he was taking the Kremlin office as the president. He particularly stated during his meeting with Russia’s leading entrepreneurs that it was time for the nation to refuse from its dependence on natural resources.

“One has to learn to export crude, gas, ore and wood, and process natural resources inside Russia to be able to enter other markets with high-tech products,” Putin said in February 2007.

Finance Minister Aleksei Kudrin has always been the main adversary of Russia’s dependence on oil prices. The ongoing reduction of the oil prices in the world pushes Russia towards supporting innovative technologies. No one knows which consequences it may have for the nation and the people.

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