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Russia: Ex-Minister Kudrin Warns of ‘Full-Fledged Crisis’

Published: December 23, 2014
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Source: Reuters

Russia’s government has pushed the country into an economic crisis by not tackling its financial problems fast enough, former finance minister Alexei Kudrin said on Monday, as evidence mounted of trouble spreading through the economy.

The central bank bailed out its first victim of the collapsing currency, authorities announced a tax on grain exports to protect domestic stocks and a Reuters poll of 11 economists predicted that Russia’s gross domestic product would fall 3.6 percent next year.

Russia has been hit by what Economy Minister Alexei Ulyukayev recently called a “perfect storm” of plummeting oil prices, sanctions related to its military action in Ukraine, and a flight of investors’ capital — made worse by a lack of structural reforms that means the economy is overwhelmingly dependent on oil revenues. 

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