Russian Official Commented on the Country’s Dependence on Oil Prices
OREANDA-NEWS. Anatoly Chubais, Chairman of the Executive Board of Rusnano Group, said in an interview with Forbes that the recent fall in the oil market has become an “alarm bell,” after which Russia needs to make a strategic decision to reduce dependence on oil prices and “turn off this path.”
“It is impossible to expose a country to strategic risk because of such an economic structure. This technological structure is becoming obsolete, it is a fact. There is a well-known cowboy proverb: if you’re riding a horse and it dies, get off,” Chubais said.He noted that, according to optimistic forecasts, oil prices will not rise above 40 US dollars per barrel, while in 2020 the cut-off price was set at 42.4 dollars for Russian oil Urals. “…As for the strategy, of course, we need to make this decision for ourselves. The sooner we begin to turn off this path, the more strategic risks of a national scale we will remove from the country,” the head of Rusnano explained.