Golden shield: Russian bullion reserves will protect country against slump in oil prices ...News

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Golden shield: Russian bullion reserves will protect country against slump in oil prices
Russia can withstand a sharp drop in crude prices thanks to its sufficient gold holdings and the government’s efforts to reduce reliance on energy resources, Russian Finance Minister Anton Siluanov has said. The Russian economy is still linked with crude production and refining, and thus the situation in the market can affect it, Siluanov stated in an interview with CNBC. While Moscow is satisfied with the current price of oil, possible market turmoil will not result in a “shock” to its budget. “For this reason, the budget is based on budget rules that take into account an oil price of $42 a barrel. And regardless of how things work ou

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