Minister says Russian economy stable despite oil price volatility

SINGAPORE, Nov 14 (PRIME) -- Oil price fluctuations and foreign debt repayments by Russian banks are worrying but the Russian financial market and the economy are more stable than in 2014, Economic Development Minister Maxim Oreshkin told reporters on the sidelines of an ASEAN summit on Wednesday.

He said that debt repayment in 2014 also greatly influenced the financial markets.

“We see a simultaneous plunge of short-term oil prices, and reduction of foreign debt. All this adds worries to the market but compared to 2014, I mean, we can draw parallels between these situations to a certain degree, the financial markets and the economy have been more or less stable in general,” Oreshkin said.

He also said he expects an inflow of investors to Russia after the volatility period.

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