Despite the woes of the world economy, Russia is strong and stable. That, at least, was the picture painted by President Vladimir Putin in a speech to business leaders in St Petersburg.
However those attending the annual investment forum there know that the country is not immune to outside influences.
“The biggest problem now is the growing crisis in Europe,” former Russian finance minister Alexey Kudrin told euronews. “As a consequence, Western banks are abandoning their credit programmes.
“They don’t want to invest in the Russian economy because of its big oil dependency,” Kudrin added, saying that this type of investment is more risky during a period of crisis.
Brent crude has fallen more than eight percent this week, briefly trading at its lowest in 18 months before rebounding above $90 a barrel.
The slump is bad news for energy-reliant Russia, with Brent the reference for its oil prices. This remains the case despite Putin’s expressed desire to cut the country’s dependence on energy exports.
Our correspondent in St Petersburg, Aleksander Shashkov, said: “The global instability in the world economy, mentioned by Vladimir Putin, was reflected in oil prices dropping to less than $90 a barrel. This development won’t make Russian participants at the forum in St Petersburg any more optimistic.”
Copyright © 2014 euronewsMore about:
- 1Kim Jong-un hands high ranking Pyongyang position to his younger sister
- 2Watch: Passengers ‘push-start’ frozen plane in Siberia
- 3Italy: Tourist fined 20,000 euros for damaging Rome’s Colosseum
- 4Australian cricketer Phillip Hughes dies two days after being hit by ball
- 5Thanksgiving turkey pardoned by president
- 1Watch: Passengers ‘push-start’ frozen plane in Siberia
- 2Putin denies he wants to create a new Iron Curtain
- 3Turkish President sparks row by saying women are not equal to men
- 4Clashes as Hong Kong protesters try to regain lost ground
- 5Irony as organised crime prosecutor arrested for corruption in Romania
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 3Italy swamped by flash floods | euronews, world news
- 4Back to School for Romania’s new First Lady | euronews, world news
- 5What will you ask US Senator John McCain? | euronews, world news
- 6Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 7Watch: Passengers ‘push-start’ frozen plane in Siberia | euronews, world news
- 8India PM Modi appoints Yoga minister | euronews, world news
- 9[Live] Rosetta’s Philae lands on comet 67P and enters the history books | euronews, world news
- 10Vladimir Putin most powerful man in the world – Forbes | euronews, world news
- 11European e-revolution people rise up | euronews, world news
- 12International tv news | euronews: European and International tv news bulletin
- 13Where is the best place in Europe for women? | euronews, world news
- 14Nadia Comaneci: gymnast of perfection and defector | euronews, the global conversation
- 15euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 16Putin plans to leave G20 talks early amid Ukraine pressure | euronews, world news
- 17Irony as organised crime prosecutor arrested for corruption in Romania | euronews, world news
- 18International breaking news | euronews online world breaking news in video
- 19Transcript of hanged Iranian woman’s final message released | euronews, world news
- 20Syria: Islamic extremists pledge to press ahead with battle for Kobani | euronews, world news
Wires > News
- 19:03 CET French, German economists offer plan to counter EU “stagnation”
- 18:49 CET Honda says defective Takata air bags in 2002 used different design
- 18:44 CET Airbus could shed full Dassault stake by end of 2015 – sources
- 18:42 CET Nestle and L’Oreal to end Inneov joint venture in 2015
- 18:29 CET On mobile, BT to make the call on bigger EE or easier O2 deal
- 18:23 CET WTO clinches first global trade deal in its history
- 18:11 CET French jobless total hits new record in October – government
- 17:57 CET Oil tumbles more than $6 as OPEC keeps output high