High oil prices slow Russia's innovative development - First Deputy Prime Minister

No serious innovative development will be observed in Russia as long as oil prices remain high, said Russia's First Deputy Prime Minister Igor Shuvalov.

"The main demand for innovation will arrive when the hope for high prices on our traditional exports fades away. If they hold for long, we will have serious problems with innovative development," Shuvalov said at a world economic forum in Moscow on Sunday.

If oil prices drop and revenue from the export of hydrocarbons shrinks, new opportunities will emerge to develop the non-resource sector of the economy, he said.

"If the prices for oil and for our core exports curve down after all, a totally different opportunity will open for those who have nothing to do with the resource sector," Shuvalov said.

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