| Russian Economy Shows High Adaptability to Oil Shocks |
| Wednesday, 16 March 2016 10:26 | ||||||
 Russia 12:26 16.03.2016(updated 12:41 16.03.2016) Get short URL MOSCOW (Sputnik) — The Russian economy has shown itself to be highly adaptable to shocks on the global oil market, the country's Economic Development Minister Alexei Ulyukayev said Wednesday. © Photo: Alexander Astafyev "This means that the Russian economy under the current conditions has shown a high degree of adaptability. We were able to reduce costs, managed to focus on the major priorities and make use of factors that had not been used before," Ulyukayev said. Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid an ongoing glut in global oil supply. The slump has caused significant financial problems for many oil exporting countries.
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