Kudrin called the collapse of the ruble shame for the economic authorities


The collapse of the ruble exchange rate more than two times is a disgrace for the economic authorities, said the former Russian Finance Minister Alexei Kudrin, speaking on Friday, June 17, at a business Breakfast Sberbank “Life after oil” at the St. Petersburg international economic forum.

“To be honest: the collapse of the national currency by more than two times is a disgrace for the economic authorities, I believe, well as for the country,” he said. In his opinion, “this means that we can not create a stable environment for business — both for the import of technology and export.

The authorities must now create the conditions to “continue to lead again to such a collapse of the currency.” “We need to increase dependence on consumption of oil revenues on the domestic market,” Kudrin Said. In his opinion, the price of oil will remain near $50 per barrel or lower.