Russia starts Immediate Economic Action

The Russian “government has compiled a plan of immediate action aimed at ensuring economic and social stability,” said President Vladimir Putin while presiding a meeting on economic issues. “The principal issue, of course, is to ensure qualitative economic growth, keeping in mind system-wide tasks and diversifying the economy – the plan covers all these matters,” Putin added. In line with recent clarification from Russian oil company Gazprom about Ukrainian counterpart Natfogaz, Putin reminded that as Russia is turning to its reserve funds, they include Ukrainian government bonds worth $3 billion which are due in December 2015. “We should first of all use these funds for our own needs,” Putin stressed. The day before, Lukoil President Vagit Alekperov told Putin that no development project has been stopped. “We succeeded in stabilizing oil production in Western Siberia, (…) we laid unique foundations for our projects in the Caspian region in 2014,” explained Alekperov, implying western sanctions did not impact them.