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Russia’s state coffers empty by 2016 end – Russia finance ministry says

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Russia’s state coffers empty by 2016 end – Russia finance ministry says

Post by Admin on Tue Oct 27, 2015 6:06 pm

The present low prices oil, Moscow’s major cash earner, the country’s reserve fund will be empty by late 2016, Russia Finance Minister Anton Siluanov told Duma’s upper chamber Oct. 27, ZN.UA reports.
In 2015, the reserve fund shrank by a half. The other half will be spent in 2016, he said.

The risks of empty state coffers exist due to the low oil price (at $44 per barrel) and the 62 rubles per US dollar exchange rate.

According to Bloomberg, if the oil price remains at $50, Russia’s economy will be hit by the worst crisis for the last 20 years. Putin’s optimistic statements that Russia has turned the corner on the crisis are highly questionable, Bloomberg says.

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