Russia's Economy Ministry: 'We Will Not Collapse!'
Advertisement
The Russian Economy Ministry just tweeted a bizarre quote from Economic Development Minister Alexei Ulyukayev. On its official account on Twitter the ministry posted a picture of the minister alongside a quote saying - "We will not collapse!".
Advertisement
Here's the tweet:
??????? ???????: ?? ?? ??????! pic.twitter.com/QT4wu7BBEF
- ????????????????? (@MinistryEconomy) November 28, 2014
The move is highly unusual from a government ministry. It comes on the back of sharp falls in the value of the rouble and an announcement this morning that Russia is having to reduce expected government revenues from oil after OPEC declined to cut production on Thursday.
Oil and gas sales account for around 10% of Russia's GDP and the country still relies on the sector to fund around 50% of its federal budget. Lower oil prices could put pressure on the country's finances, while falls in the rouble threaten to hit Russia's corporate sector, which is due to make $35 billion of foreign-debt repayments in December.Advertisement
- Global stocks rally even as Sensex, Nifty fall sharply on Friday
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market