Russia Reducing Economy's Dependence On Oil, Gas Sector Rather Than Increasing - Putin

Russia Reducing Economy's Dependence on Oil, Gas Sector Rather Than Increasing - Putin

Russia is mitigating its economy's dependence on the oil and gas sector and will continue doing so, Russian President Vladimir Putin said on Thursday, adding that this was one of the country's main priorities

MOSCOW (Pakistan Point News / Sputnik - 29th October, 2020) Russia is mitigating its economy's dependence on the oil and gas sector and will continue doing so, Russian President Vladimir Putin said on Thursday, adding that this was one of the country's main priorities.

"We are not increasing the dependence of the Russian economy on the oil and gas sector, but, on the contrary, we are reducing it. This is evidenced by the real figures, including the income of the Russian budget. They [income figures] are decreasing in the oil and gas sector, but increasing in the non-oil and gas sector. ... Our goal is ... to reconfigure the economy so that it becomes more diversified," Putin said at the Russia Calling! investment forum, organized by VTB Capital.

Earlier this month, Russia once again retained its position as the world's second-largest crude oil producer, following the United States.