Sunday, June 26, 2016


Russia

Kremlin Creates Draft Plan To Deal With Troubled Economy

The Reuters news agency reports that the Russian Finance Ministry has set aside 135 billion rubles ($1.7 billion) to help the country’s economy under a draft anticrisis plan.

The report says another 340 billion rubles ($4.36 billion) has been set aside for possible use to dampen social discontent over the tumbling value of Russia’s currency and growing economic hardships for ordinary Russians.

Russia’s economy has been battered by low global oil prices, Western sanctions over its role in Ukraine’s crisis, and the falling value of the ruble -- which fell to a record low of 84 rubles per U.S. dollar during the past week before rebounding to 78 rubles per dollar on January 22.

Reuters quoted two unnamed senior officials in Russia’s government about the plans, which have not been finalized.

They said Russia’s railway and agricultural machinery industries and the consumer goods manufacturing and construction sectors would receive some of the funds.

They said Russia's car industry already has been promised 50 billion of the 135 billion rubles.

Based on reporting by Reuters

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