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2015-07-03 18:05:00

RUSSIA NEEDS $70

RUSSIA NEEDS $70

Russian Finance Ministry wants to restart replenishing the emergency Reserve Fund if the oil price exceeds $70 per barrel Finance Minister Anton Siluanov said.

The move would also help to prevent the rouble from excessive strengthening, he said.

Russia has been hit by lower oil prices and by Western sanctions over its role in the Ukraine crisis. Its rouble currency fell sharply against the dollar in 2014 and has yet to recover.

"We need a very serious approach to the structure of expenditures, to the question of not using the reserves in full…

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Tags: OIL, PRICES, RUSSIA, SANCTIONS
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