Kudrin: the fall in oil prices below $ 35 threatens Russian GDP decline

MOSCOW, 12 Dec. Oil prices below 40 dollars a barrel enough to create a tense situation in the Russian economy, the price drops below $ 35 could face new reductions in GDP, said the former Finance Minister, the head of Committee of civil initiatives (THD) Alexei Kudrin.

“Anything below 40 (per barrel — ed.) is already enough stress for us. If you’re below 35, we can have a new fall in GDP for some period,” Kudrin said after the ceremony of awarding the prize “Civil initiative” in response to a question, critical for the Russian economy, the current drop rates.

According to the former head of the Ministry of Finance, it is impossible to tell when the price can be stabilized, be set at the level of 50-60 dollars.

“We can’t predict, so far, the trend is down, when it ends — we do not know”, — said the Agency interlocutor.