March 9, 2020 / 11:38 AM / a month ago

Russia can weather oil prices of $25-30 for 6-10 years - ministry

MOSCOW (Reuters) - Russia’s Finance Ministry said on Monday that the country could weather oil prices of $25 to 30$ per barrel for between six and 10 years after prices plunged in their biggest daily rout since the 1991.

The ministry said it could tap into the country’s National Wealth Fund to ensure macroeconomic stability if low oil prices linger. As of March 1, the fund held more than $150 billion or 9.2% of Russia’s growth domestic product, the ministry said.

Reporting by Gabrielle Tétrault-Farber and Andrew Osborn; Editing by Alison Williams

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