- Published on Nov 14, 2014
Russia has enough reserves to withstand the turmoil in energy markets and is ready to fulfill all social commitments to sustain the budget and economy, said Russian President Vladimir Putin.
“We’re considering all the scenarios, including the so-called catastrophic fall of prices for energy resources, which is quite possible, and we admit it,” Putin said in an interview to TASS ahead of the G20 summit in Australia.
He said that all key bodies like the Ministry of Economy, Ministry of Finance, and the government are busy calculating economic development in each of these scenarios.
The president’s comment comes at a time when the oil price is dipping below $80/bbl, an important benchmark below which production becomes unprofitable for Russia and most OPEC countries.