Russian Prime Minister Orders Cabinet to Submit Anti-Crisis Plan

Russian Prime Minister Dmitry Medvedev said that current trends in global oil prices pose serious risks to the implementation of Russia's state budget and the goal of the government is to minimize these risks.

GORKI (Sputnik) — Russian Prime Minister Dmitry Medvedev ordered the country's cabinet on Monday to submit an anti-crisis plan within a week.

"I expect that proposals currently being prepared by the ministries will be summarized by the Ministry of Economic Development, agreed by the deputy prime ministers, and that a finished plan will be on my desk within a week," Medvedev said at a budget meeting.

According to the prime minister, current trends in global oil prices pose serious risks to the implementation of Russia's state budget.

"Of course, or goal is to minimize these risks," he stated.

Medvedev added that he would discuss the anti-crisis plan with his colleagues from the State Duma before starting to implement it.

Global oil prices have rapidly declined recently, with both the WTI and Brent benchmark dropping below $30 per barrel. Meanwhile, the Russian budget was calculated on the basis of the oil price averaging $50 a barrel.

Russia experienced an economic downturn in 2014 following the global slump in oil prices and the impositions of economic sanctions by many Western countries on Moscow over its alleged involvement in the Ukrainian crisis. The has ruble lost about half its value against the dollar since then.