Putin : Russia Is Not A Fuel Station For The World

Putin : Russia Is Not A Fuel Station For The World

Russian President Vladimir Putin announced today, Thursday, that Russia has begun to get rid of the addiction to oil and gas revenues, in reference to the diversification of the Russian economy.

The Russian President said, at a conference today, Thursday, that “Russia is not a fuel station for the world,” noting that 70% of the Russian budget revenues come from non-oil and gas revenues.

He added, “This is a completely positive trend in economic development. 70% of the Russian budget is mainly formed by relying on non-oil and gas revenues, which means that we have not yet reached perfection, but we have started to get rid of the so-called oil and gas addiction.”

With regard to the impact of the Corona virus pandemic on the Russian economy, the President acknowledged that the pandemic has significantly affected the Russian economy, and said that the country’s GDP decline has now reached 3.6%, which is less than the leading European countries and the United States.

He pointed out that the economies of some European countries fell by more than 9%, in reference to the great impact of the emerging Corona virus crisis.

According to the data of the Russian Statistics Authority, the decline in gross domestic product in Russia in the third quarter of 2020 reached a level of 3.4% on an annual basis.

Putin praised the agricultural sector in Russia, and said that the growth of the agricultural sector by the end of the year may reach 2%, pointing out that agricultural production has registered a boom in Russia in recent years.

This comes in contrast to the industry sector, which recorded a 3% decline, mainly due to lower oil prices. Crude prices recorded a decline in 2020 due to the emerging Corona virus crisis, as the pandemic negatively affected global demand for crude.

Putin’s statement came during an annual press conference, during which he answers questions from citizens and journalists, on topical issues, including social and economic issues that affect the life of the average citizen.

Source : RT