Russia: The revaluation of oil.

The government and the Central Bank discussed the worst-case scenarios of the country's economic development.

Despite the completion of the government budget for 2015-2017, yesterday at a meeting with the RF Prime Minister, Dmitry Medvedev the economic outlook was discussed, on which it theoretically should be based, and stress testing scenarios. The Prime Minister drew attention to the decrease of the growth of Russian Federation's GDP by the World Bank baseline forecast in 2015 to 0.3% - it was announced yesterday. With a moderate expansion of the sanctions WB forecast assumes a GDP recession of 0.9% and inflation at 10% in 2015. Both the governmental and the external projections are based on a stable oil price of about $ 100 per barrel and a relatively stable rouble – the latter is no longer guaranteed by the RF Ministry of Finance to the government, but is surely guaranteed by the Central Bank.