MOSCOW, 8 Sep — PRIME. The dependence of the Russian economy on energy resources is still its main weakness, said Alexei Kudrin, head of the Accounts Chamber.
“The biggest weakness of our economy is the dependence on hydrocarbons,” he said during the Moscow Financial Forum.
According to Kudrin, the low efficiency of many institutions is connected with this.
However, Finance Minister Anton Siluanov did not agree with this opinion.
“I would argue here, this is our strength too,” he said.
The minister said that the Russian oil and gas sector is distinguished by high technology and investments that “are expensive.”
Responding to Kudrin’s call to learn how to work with Russia’s dependence on hydrocarbons, Siluanov stressed that it is necessary to “simply approach spending wisely.”
“If you spend all your oil and gas revenues and get ‘Dutch consequences’, then you need vaccination and prevention from this,” the head of the Ministry of Finance explained.
The VI Moscow Financial Forum is taking place on September 8 at the Manezh Central Exhibition Hall. The event is organized by the Ministry of Finance of Russia and the Government of Moscow.