ILYA SOKOLOV: “GROWTH OF NON-OIL AND GAS REVENUES PROTECTS THE COUNTRY AGAINST ECONOMIC CRISES”

According to “Ura.ru”, President Vladimir Putin took the initiative to move away from an active dependence on oil and gas. This topic will become one of the principal in preparation for the annual address, which will take place tentatively in March. According to Ilya Sokolov, a Leading researcher of the Gaidar Institute, the growth of non-oil and gas revenues protects the country from economic crises and makes it possible to fulfill social obligations.

"Oil and gas prices are subject to shocks. The fact that non-oil and gas revenues are growing is always good for the budget, as they are marked by a structural component rather than a cyclical, like oil and gas. If the budget is trending towards increasing structural revenues, it proves the resistance to macroeconomic shocks, which is complemented by the budget rule," Ilya Sokolov said.