Falling oil prices can undermine Russia’s reserve plansJune 23, 2012 - 12:55 AMT PanARMENIAN.Net - Falling oil prices are threatening to undermine Russia's plans to set aside 800 billion rubles ($24 billion) for its anti-crisis mechanism this year, the country's finance minister said on Saturday, June 23. "We intended that this money go toward increasing the Reserve Fund, but as oil prices are going down, this is not likely to happen," Anton Siluanov told reporters in St. Petersburg, according to RIA Novosti. The federal budget deficit will reach 1.5 percent of GPD by the end of the year, he added. Russia will introduce "anti-crisis measures" if oil fall prices drop below $80 a barrel, Siluanov told a St. Petersburg forum on Thursday. Siluanov had previously told the Financial Times that Russia would earmark 500 billion rubles ($16 billion) for next year "for the direct financing of anti-crisis measures." Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | International cybercrime ringleaders arrested in Armenia, Ukraine Europol, Europe's crime agency, has arrested four ringleaders of several cybercrime networks that used botnets. Armenia skips CSTO Defense Ministers meeting A meeting of the Council of Defense Ministers of the Collective Security Treaty Organization countries began in Almaty. Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. |