The currently high world oil prices ensure stable and high revenue for the Russian budget, but at the same time create a number of problems for the economy, President Vladimir Putin said at a meeting with leading U.S. entrepreneurs in St Petersburg.
These problems are linked to sterilising the money supply, rising inflation and a national currency that is growing too strong. Furthermore, insufficient focus on investment in exploration, transport and refining capacity could lead to a slowdown in hydrocarbons production.
Mr Putin stressed that the Russian economy is firmly set on a course of economic diversification and consistent formation of new innovation-based sources of growth.
See also
List of Participants in the Meeting with Leading U.S. Entrepreneurs
January 25, 2005