Russian PM says be ready for worst economy

Russian PM announces Moscow must be ready for Russia to hit worst economic scenario

Photo by: Reuters (Archive)
Photo by: Reuters (Archive)

Russia's Prime Minister Dmitry Medvedev.

Russian Prime Minister Dmitry Medvedev said on Wednesday that Russia should be ready for the worst economic scenario, but added that the situation at the moment is feasible.

Speaking at an economic forum in Moscow, PM Medvedev expressed that high interest rates were one of the critical issues in front of Russia’s economic expansion and the budget would have to be checked if oil prices continues to decline. 

Oil prices, below $30 a barrel, have continued to crash for seven consecutive days, for the first time since the financial crisis in 2008 and recording 18 percent loss since the beginning of this year.

As oil prices continue to fall to 12-year lows in first trading week of 2016, Russia is expected to go through tough days, due to its oil export dependent economy.

TRTWorld and agencies