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Russia’s Sberbank Chairman German Gref on oil price

01 december 2011, 00:23
0
©RIA Novosti
©RIA Novosti
High prices for oil is a good defense for both Russia and Kazakhstan against possible economic crisis, Russia’s Sberbank Chairman German Gref believes, Novosti Kazakhstan reports.

“I don’t see any fatal forecasts for [the two nations] for the year to come. The situation is far from being simple; however, I wouldn’t make anyone excessively wary – neither businesses nor common people. Our economies have a solid protection in the form of high prices for oil”, Mr. Gref told a briefing in Astana November 30.

However, he admitted 2012 “will be rather complicated given the indicators of the latest months”.

According to him, the situation in Europe is exerting a certain pressure on Russia and Kazakhstan. “”We are expecting some decisions taken with regards to the debt crisis in Europe. Should there be no solution found, the following year might be more complicated than we can imagine”.

He emphasized that the financial sectors of Russia and Kazakhstan are directly linked to the global financial market and “it is reflected on the overall liquidity, cost of funding of the banking sector; ultimately, it can be indirectly reflected on the GDP growth pace in both Kazakhstan and Russia”.

“The complicated situation can be exported through funds coming from international markets, foreign investments and prices for our export-oriented commodities”, Mr. Gref believes.

However, the current price for oil – the key factor for both Kazakhstan and Russia – is not showing “any signs of a possible drastic fall”.

“It might fall, but given the current indicators such a fall is not highly probable”, Sberbank’s Head believes.

At the same time he admitted that prices for other export commodities, notably metals, “have dropped and the outlook is not optimistic”.

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