Russian economy enters long period of low oil prices — Minister

Russia's Economic Development Minister stressed the need to develop non-oil exports, as it was stated by President Vladimir Putin in his state of the nation address to the Federal Assembly.

The Russian economy has entered a long period of low oil prices, Economic Development Minister Alexei Ulyukayev told reporters.

"Unfortunately, we have entered a rather long period, when commodity prices are not as high as over the last 10-15 years. This also applies to oil and gas, and metals,"- he said.

The Minister stressed the need to develop non-oil exports, as it was stated by President Vladimir Putin in his state of the nation address to the Federal Assembly on Thursday.

"But products with high added value are certainly free from this limitation, there are much less demand constraints, budget constraints," - the Minister said.

First published by TASS.

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