Thursday, December 18, 2014

Putin Predicts Russian Rebound to Take 2 Years

Speaking at his annual press conference today, Russian President Vladimir Putin blamed external factors for the ouble’s rout but acknowledged that more should have been done to diversify the struggling economy. He said capital controls were not being planned.

Echoing the comments of the Chair  of the Bank of Russia, Elvira Nabiullina, he said “The economy will adjust to life and work in the conditions of the low oil prices. If prices will be low — $60 per barrel, $40 per barrel even, the figure doesn’t matter — the economy will restructure. The question is how quickly the adjustment will happen.”

 Putin said western sanctions accounted for about 25-30 per cent of its problems, accusing western governments of attempting to “chain the bear”.

“If they take out the bear’s fangs and claws the bear will not be able to do anything. It will just be a stuffed animal. What we’re trying to do is maintain our sovereignty,” he said.

(via FT)


  1. Should Russia put the Ruble on the gold standard?
    That sure would rattle the cages of the western central bankers.

  2. Imagine a US Politician speaking truth like this...