The current euro zone crisis may look like a game of “Crazy Ivan,”* but the Russians are already considering the consequences of a Greek departure.
Elvira Nabiullina, governor of the Central Bank of Russia (CBR), has told CNBC that it is analysing the threat: “We do consider this scenario as one of possible risks, which would increase turbulence in the financial markets in the European market, bearing in mind the fact the European Union is one of our major trading partners, and we are definitely worried by it.”
The Russian economy is struggling for growth and this week just posted a 5.5 percent fall in industrial output in May. On top of sanctions and weaker oil prices, more aggressive demands for debt forgiveness in the southern European countries could have further negative consequences for Russia, says Governor Nabiullina.
“There is a possibility of this kind of sentiment becoming stronger, which could reduce the rate of the development of the recovery of the European economy, and bring down the demand for our products,” she told CNBC.