Russian economy’s dependence on oil, gas has decreased — Central Bank chief

The dependence of the Russian economy on oil and gas has decreased, with the share of the oil and gas sector in the country’s GDP having fallen, Central Bank Governor Elvira Nabiullina said at a press conference following the regulator’s board meeting, Azernews reports, citing TASS.

"The share of the oil and gas sector in GDP has fallen, both due to a reduction of production of oil and particularly gas, and growth in other sectors, which means it is safe to say in this respect that the economy’s dependence has decreased," she said.

The fiscal rule is one of the mechanisms reducing the dependence of the economy, budget and the ruble’s exchange rate on the environment of oil and gas prices, the regulator’s chief added.