Russian President Vladimir Putin said that the turmoil in global markets create not only problems, but also opportunities.
“I’m not just hoping – I’m confident that Russia will go through this turbulent period with dignity and a sense of calm,” Putin said, speaking to investors at his Novo Ogarevo residence outside Moscow on Wednesday.
“Moreover, there is every chance for key Russian industries to come out of this situation much stronger and prepared for further, very serious competition. This, of course, should have an impact on the entire Russian economy, and be reflected in a positive way.”
According to Putin, the government and Russia’s Central Bank have the resources to maintain stability, and their main task is to minimize the negative economic effects of the market crisis on ordinary citizens.
The Russian strongman added that the state would do everything necessary to guarantee the safety of national and foreign investments in Russia, and to minimize investment risks.
Global markets took a major beating on Monday amid coronavirus fears and the collapse of the OPEC+ agreement on production cuts, reportedly amid disagreements between Russia and Saudi Arabia on whether further cuts on top of existing 2.1 million barrel per day (bpd) cuts were necessary.
Moscow reportedly refused to support an additional 1.5 million bpd cut proposed by Riyadh, prompting the kingdom to abolish restrictions, announce a discount on its April futures and declare a readiness to boost oil production to up to 13 million barrels per day, up from 9.7 million barrels per day currently.
Source: Sputnik (edited by Al-Manar English website)
