Russia can withstand a sharp drop in crude prices thanks to its sufficient gold holdings and the government’s efforts to reduce reliance on energy resources, Russian Finance Minister Anton Siluanov has said.
The Russian economy is still linked with crude production and refining, and thus the situation in the market can affect it, Siluanov stated in an interview with CNBC. While Moscow is satisfied with the current price of oil, possible market turmoil will not result in a “shock” to its budget.
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