Russia Growing, Low Ruble Will Help: Deputy PM

The Russian economy is adjusting to a new low oil price environment, the country’s deputy prime minister told CNBC on Wednesday, adding that a weak ruble will help it to export more to China and Europe and stabilize the economy.

Arkady Dvorkovich said the chemical and pharmaceutical industries were growing and the agricultural sector was helping to drive the economy forward. Last year, Russia increased its agricultural exports to China by 25 percent, he said.

“We hope (oil) prices will be more or less around today’s level,” Dvorkovich said, adding he saw downsides as well as upsides. “The energy market is still volatile, oil is hard to predict.” A lot would depend on how China would develop over the next few months and Europe’s migration crisis was also a risk to the economy, he said.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.