Russian Economy's Dependence on Oil Prices Low - Bank of Russia

© Sputnik / Ilya Pitalev / Go to the mediabankOil derricks
Oil derricks - Sputnik International
Oil prices of $60 per barrel will contribute only 1 percentage point to Russia's GDP growth, signifying the economy's low dependence on oil, Governor of the Bank of Russia Elvira Nabiullina said Wednesday.

MOSCOW (Sputnik) — Starting from April 1, the oil export duty will be $88.9 per tonne (metric ton), while in March the figure stood at $91.

"The dependence of Russia's economic growth rates on the prices of oil is not very high. With the range of $40-$60, if the price is high, it will give about 1 percentage point of growth, not more," Nabiullina said at the Moscow Exchange Forum.

The higher-viscosity crude blends export duty will be lowered to $13.8 per tonne starting April 1, while last month it was $14.2.

The average price for the Urals blend of crude was $52.26 per barrel ($381.5 per tonne) in the period of February 15 — March 14, according to the Russian Finance Ministry.

To participate in the discussion
log in or register
Заголовок открываемого материала