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Russia Growing, Low Ruble Will Help: Deputy PM

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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.

CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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