The worst thing Putin hurt me most is the oil pric

2022-08-07
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Putin: what hurts me most is the oil price. Russian President Vladimir Putin said in an interview with Bild on the 11th, The sanctions imposed by western countries on Russia have damaged the Russian economy. "We have been looking for materials with higher tribological properties under high temperature, high pressure and corrosive chemical materials, but the most serious damage comes from the decline in oil and gas prices.

"It is a stupid and harmful decision for western countries to impose sanctions on Russia. This is not the most complicated thing we have ever experienced, but the realization of these goals is not without pressure on our economy," he said. "The most serious injury to this situation at present is the decline in the prices of traditional export commodities."

after western countries imposed economic sanctions on Russia for supporting civilian armed forces in eastern Ukraine, the Russian economy was severely hit. In 2015, Russia's GDP fell by 3.8%, its industrial GDP fell by 3.3%, and its inflation rose by 12.7%. At the same time, the international crude oil price continued to be depressed, making the Russian economy, which is heavily dependent on crude oil exports, even worse

the exchange rate of the Russian Ruble against the US dollar also fell. The exchange rate of the ruble against the US dollar fell by 40% in 2014 and by about 20% in 2015. On the 11th of this month, the exchange rate of the ruble against the US dollar fell to 76 rubles against the US dollar and 83 rubles against the euro, a new high since December 2014

analysts warn that if crude oil prices continue to fall, the Russian economy may get worse. Some experts suspect that the rebound in crude oil prices may not be able to save the already flawed Russian economy. Several analysts from Kaitou international macroeconomic consulting company said that even if the crude oil price rebounds, it is difficult for the Russian economy to return to a reasonable growth rate

the world bank previously predicted that the Russian economy will probably continue to be depressed in 2016. However, Putin showed strong confidence in an interview on the 11th: "we will gradually move towards stability and achieve economic growth." He gave reasons to say that Russia's domestic trade maintained a good balance last year and planned to be put into production in May this year, and the export scale of high value-added food increased significantly for the first time in many years. In addition, Russia's foreign exchange reserves remained at a high level. Among them, the gold reserves held by the Russian Central Bank amount to US $300billion

in the face of the current situation of the development of plastic extruders in the international crude oil market and the sluggish situation of the spatial analysis field, Putin said that the rise and fall of oil prices are good and bad. When the oil price was high, Russia earned a large amount of petrodollars from oil and natural gas to supplement other expenditures of the national finance. The high income brought by oil will lead to the risk of capital outflow and restrict the development of domestic economy. He said that Russia has now adopted a whole set of plans, including import substitution schemes and investment in high-tech fields, with a view to boosting the economy

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