Russian Central Bank Says Repetition of 1998 Financial Crisis Impossible

Another financial crisis like the one that hit Russia in August 1998 is impossible at this time, as the economy has become more resistant to external factors, the Russian Central Bank said Tuesday.

MOSCOW (Sputnik) — The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis.

"The current situation is fundamentally different from that in 1998, which makes a repetition of those events practically impossible. The key differences are significant reserves, a low level of public debt <…> and a flexible exchange rate," a spokesperson for the bank told RIA Novosti.