Current Crisis Could Be Worse Than 2009, Medvedev Says

The economic crisis following the coronavirus pandemic may be worse than the global financial crisis of 2008-2009 and the state needs to quickly respond to the changing situation, the Deputy Chairman of the Russian Security Council Dmitry Medvedev said at a meeting of the presidium of the party’s general council on Tuesday, according to state-run news agency TASS.

“The current crisis is obviously no less difficult, and maybe even more serious than the crisis of 2008-2009,” Medvedev said, noting that the decisions taken at that time to support certain sectors of the economy were effective. Now, too, according to Medvedev, the most important thing for the state is, with the support of the ruling party, “to quickly respond to the changing situation.”

Meanwhile, the Russian Energy Ministry said it expects the oil price of slightly over $30 per barrel on average in 2020, according to the director of the ministry’s oil department Alexander Gladkov.

“This year we expect the oil price of over $30 per barrel on average, meaning not $15 and not $25,” he told an online conference on Tuesday.

Gladkov added that the current crisis will not strongly affect the parameters of Russia’s Energy strategy through 2035 as it is based on not very high oil prices.

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