STATE-RUN NEWS BLACKOUT:
Trump's Tariff Policy Is NOT Good For Russia As Oil Prices Plunge
The oil market meltdown in recent days could pose risks to the Russian economy, Russia’s Central Bank Governor Elvira Nabiullina said on Tuesday.
The escalation of the tariff wars could negatively affect Russia’s economy, TASS news agency quoted the governor as telling Russian lawmakers in parliament today.
“The main channel of influence may lie through fluctuations of oil prices, a decline of oil prices,” Nabiullina was quoted as saying.
“If the escalation of the tariff wars continues, this usually leads to a decline in global trade and the global economy and, possibly, demand for our energy resources. Therefore, there are risks here,” the central bank governor noted.
As the international oil benchmarks slumped by about $10 per barrel in just a few days, the price of Russia’s flagship Urals crude grade tumbled and is close to the $50 per barrel threshold for the first time in nearly two years.
As the price of the flagship Russian crude was in freefall in lockstep with the international benchmarks, the Kremlin commented on the oil market rout on Monday.
The situation on the global oil market is extremely turbulent, which is related to the U.S. decision to impose tariffs on the majority of countries, Russian news agency TASS quoted Kremlin spokesman Dmitry Peskov as saying. The Russian authorities are keeping a close eye on the oil market selloff, Vladimir Putin’s spokesman added.
“We are monitoring closely the situation, which is currently extremely turbulent, tense and emotionally charged,” Peskov said at a press briefing.
The Russian authorities are doing everything possible to mitigate the fallout of the global situation on the Russian economy, he added.
https://oilprice.com/Energy/Energy-General/Oil-Price-Plunge-Could-Severely-Impact-Russias-Economy.html