Siluanov: to help the oil industry at the expense of public funds – a dubious thesis

MOSCOW, October 13. The Minister of Finance of the Russian Federation Anton Siluanov considers a controversial idea to help the oil industry in the current environment at the expense of public funds. This opinion was expressed, speaking at a forum “Russia Calls!”.

“I’d like Alexey (Minister of economic development Alexei Ulyukayev – approx. ed) remember, who said that we should help the oil industry. I think there is disputable enough thesis. Igor Ivanovich ( Sechin – head of Rosneft – approx. ed) , probably, too will disagree with me. We recently only the oil industry and helped. It turns out that the amount of public resources that we have, is concentrated there,” said Siluanov.

The Minister added that in the past period prices for oil concessions from the state were provided mainly to the oil business at the time, as needed to support non-oil sector.

Siluanov also once again urged not to “fall into the Dutch disease”.

“In recent times we have provided benefits mainly to the oil business, the most wretched in quotes. In order for us to develop non-oil sector, the more we can help the oil industry, the less will remain for other sectors of the economy,” said Siluanov.

The Minister believes that less need to worry about the oil sector, which is in crisis and feels good.