ST. PETERSBURG, June 14 (RIA Novosti) - Russia's economics minister said Wednesday that the Russian economy was unlikely to suffer any drastic consequences following losses on global stock markets Tuesday.
Russian shares dropped more than 10% and the benchmark RTS index lost 9.37% Tuesday after sharp one-day falls on all the world's major stock markets, nervous about rising interest rates and prospects of an economic slowdown.
Speaking to reporters at the close of an international business forum in St. Petersburg, German Gref said: "I don't think there will be any implications for the Russian economy."
Gref said the fall of the RTS, Russia's main stock index, was a natural consequence of the country's integration into the world economy.
The minister said other states' monetary policy decisions could have some short-term impact on the flow of investment into Russia, but that no far-reaching consequences were likely.