Russian Oil Price Remains High
22 октября 2008, 13:34
Prices on oil, raw materials and food will be high in the mid-term perspective

MOSCOW. 22 October. VOSTOK-MEDIA. Alexey Kudrin, Assistant of Parliament Chairman and Russian Minister of Finance, spoke at the meeting of Ministers of Finance of Commonwealth of Independent States.
According to Mr. Kudrin, Russian oil price will be higher than $70 per barrel. Prices on raw materials, food and oil remain high in 2009 which will influence negatively economic growth of some of the Independent States. Mostly those states will suffer that have budget deficit, external debt and less currency reserves.
Mr. Kudrin sais that now is time to unite financial measures and increase financing as later countries will have to pay even more. He urged states to unite their efforts in order to overcome a crisis.
He said that such international organizations as IVF, Basel Committee and rating agencies were insufficient in their policy. In particular, Basel Committee worked out norms for decreasing capital sufficiency which was a mistake in the beginning of a crisis.