Econ Min: Russian economy protected from US–Chinese trade war

MOSCOW, May 15 (PRIME) -- Negative consequences of a trade war between the U.S. and China will impact the domestic financial market, but Russia is still one of the most protected economies in this respect, Economic Development Minister Maxim Oreshkin told reporters on Wednesday.

“Such a global economic situation will influence all the financial markets. The Russian financial market is part of the global one. If there are negative trends on the global financial markets, they will, of course, impact the Russian market,” he said.

“But there will be nothing supernatural or superpowerful for Russia. Russia is in many terms one of the economies that is best protected from such an external influence.”

The negative scenario of the trade war will push down prices for Russia’s natural resources exports, including oil, metals and coal, but will not hurt the ruble much, Oreshkin also said.

The U.S.-Chinese relations have worsened impetuously after China said it would raise tariffs on U.S. $60 billion of U.S. goods in retaliation for the President Donald Trump administration’s decision to increase duties on $200 billion worth of Chinese products earlier in May.

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