Russia to cut investments but not interfere in oil market

Russian deputy PM Dvorkovich says low oil prices will lead to cuts in investments and not better oil market

Photo by: AFP (Archive)
Photo by: AFP (Archive)

Arkady Dvorkovich (left) speaks with Russia's President Vladimir Putin in the Novo-Ogaryovo residence outside Moscow.

Updated Jan 30, 2016

Low oil prices in Russia will cause cuts to investments and could result in a lower oil output, Russian Deputy Prime Minister Arkady Dvorkovich stated on Friday. Dvorkovich also said the government will not intervene in the oil market.

Russia faces serious risks concerning its budget after a sharp decrease in oil prices.

Russian Prime Minister Dmitry Medvedev said on January 15 that Russia should be ready for the worst due to low oil prices of around $30 a barrel.

Putin to meet with finance minister and head of central bank

Russian President Vladimir Putin will meet on Friday with Finance Minister Anton Siluanov and Central Bank Governor Elvira Nabiullina to discuss the state’s recent economic situation, Putin's spokesman Dmitry Peskov announced on Friday.

"The President continues to discuss the current economic situation and possible anti-crisis measures," Peskov said.

He said Putin will also meet with Trade and Industry Minister Denis Manturov.

Putin stated in December that Russia’s 2016 budget, assuming $50 per barrel of oil, was an "optimistic" expectation regarding recent economic developments.

Russian Finance Minister Anton Siluanov announced this month that the country must focus on "new realities" in its budget.

Russian Foreign Minister Sergei Lavrov will visit the United Arab Emirates and Oman in February to especially talk over the global oil market, Russian Foreign Ministry spokeswoman Maria Zakharova said.

TRTWorld and agencies