Russia's Gold Reserves Allow Economy To Withstand Any Drop In Oil Prices- Finance Minister

Muhammad Irfan Published October 20, 2019 | 10:10 AM

Russia's Gold Reserves Allow Economy to Withstand Any Drop in Oil Prices- Finance Minister

MOSCOW (UrduPoint News / Sputnik - 20th October, 2019) Russia will be able to fulfill its obligations with the help of gold reserves, even in the event of a sharp drop in oil prices, Russian Deputy Prime Minister and Minister of Finance Anton Siluanov said in an interview with CNBS.

"Low oil prices affect the dynamics of the Russian economy, since it is, without a doubt, largely associated with the production and refining of oil.

Therefore, our task is to try to reduce dependence on world energy prices," Siluanov said.

He added that despite the current situation with oil prices, Moscow has enough finances to fulfill its obligations since "we have accumulated significant gold reserves, more than 7 percent of the GDP," the minister emphasized.

Siluanov also stressed that even at a price of $30 or $20 per barrel, the state would be able to resist any financial shocks and budget problems for three years.

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