From his new perch atop a government agency that monitors the budget, one of the few people President Vladimir Putin has publicly called a friend has some blunt words about what's in store for Russia's economy.
The architect of Russian fiscal policy during Putin's first two terms, Kudrin failed to get a more powerful role after the president won his fourth stint in the Kremlin this year.
"Oil prices are having no impact on growth and demand," Kudrin said.
If their funds grow with an increase in crude prices, they will simply opt to channel them into international assets, Kudrin said.
"A shift in investor trust in the economy isn't happening. So far the climate is pessimistic."
For all the damage inflicted by sanctions, Kudrin says most of Russia's troubles are self-inflicted, an "Issue of domestic institutional, structural reforms." If inertia prevails, the standoff with the U.S. won't improve for another five years and can only happen under a different leadership in Russia and America, he said.
"But if there's a willingness on both sides, it could be earlier," Kudrin said.
https://themoscowtimes.com/news/putin-wont-have-to-look-far-for-darkest-view-of-russian-economy-63284
The architect of Russian fiscal policy during Putin's first two terms, Kudrin failed to get a more powerful role after the president won his fourth stint in the Kremlin this year.
"Oil prices are having no impact on growth and demand," Kudrin said.
If their funds grow with an increase in crude prices, they will simply opt to channel them into international assets, Kudrin said.
"A shift in investor trust in the economy isn't happening. So far the climate is pessimistic."
For all the damage inflicted by sanctions, Kudrin says most of Russia's troubles are self-inflicted, an "Issue of domestic institutional, structural reforms." If inertia prevails, the standoff with the U.S. won't improve for another five years and can only happen under a different leadership in Russia and America, he said.
"But if there's a willingness on both sides, it could be earlier," Kudrin said.
https://themoscowtimes.com/news/putin-wont-have-to-look-far-for-darkest-view-of-russian-economy-63284
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