: The IMF is calculating that oil and gas revenues will contribute a mere 15 percent to the Russian national budget this year and that the country gross domestic product will fall by 3.4 percent, according to The Moscow Times. Even a privileged company like Rosneft cannot obtain assistance from the National Wealth Fund. Brent crude oil prices have edged up recently, but for the foreseeable future we can expect an average oil price in the range of $45. The problem is not just that the ruble exchange rate tracks the oil price. Years of high prices made the oil and gas industry especially corrupt. Russia is so dependent on foreign technology and machinery that all import substitution programs are doomed to fail.
(news.financializer.com). As
reported in the news.
Tagged under , foreseeable future topics.