Oil brings Russia extra USD 475bn in past 8 years

Russia received an additional USD 475bn in revenue as a result of high global oil prices between 2000 and 2007.

Izvor: Ria novosti

Tuesday, 01.04.2008.

13:27

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Russia received an additional USD 475bn in revenue as a result of high global oil prices between 2000 and 2007. Finance Minister Alexei Kudrin said today that in 2000, the Russian government predicted average world oil prices at just USD 20 per barrel based on figures over the past decade. Oil brings Russia extra USD 475bn in past 8 years "Since then, oil price growth enabled Russia to receive an extra USD 475 billion in revenue from 2000 to 2007, of which USD 340 billion or 72 percent was paid to the budget," Kudrin said. Global oil prices are currently hovering at just over USD 100 per barrel. The Russian economy can withstand an oil price plunge to USD 50 per barrel, Vice-Premier Alexander Zhukov said. Naturally, a sharp decline in world oil prices would negatively affect the Russian economy and the country's economic growth but nothing disastrous would happen, Zhukov said, adding that the macro-economic situation in Russia was stable enough. "Russia currently has Europe's lowest ratio between foreign debt and international reserves, which have reached half a trillion U.S. dollars," Zhukov said.

Oil brings Russia extra USD 475bn in past 8 years

"Since then, oil price growth enabled Russia to receive an extra USD 475 billion in revenue from 2000 to 2007, of which USD 340 billion or 72 percent was paid to the budget," Kudrin said.

Global oil prices are currently hovering at just over USD 100 per barrel.

The Russian economy can withstand an oil price plunge to USD 50 per barrel, Vice-Premier Alexander Zhukov said.

Naturally, a sharp decline in world oil prices would negatively affect the Russian economy and the country's economic growth but nothing disastrous would happen, Zhukov said, adding that the macro-economic situation in Russia was stable enough.

"Russia currently has Europe's lowest ratio between foreign debt and international reserves, which have reached half a trillion U.S. dollars," Zhukov said.

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