Gref: Russia’s oil and gas to run out by 2030

The head of the country's biggest bank Sberbank urges Russian government the country doesn't have much time to diversify the economy
Gref: Russia’s oil and gas to run out by 2030
04 October 15:51 2016 Print This Article

Oil and gas resources in Russia may run out by 2030, Sberbank CEO Herman Gref urged Russian government. According to him, the country doesn’t have much time left to diversify its economy to minimize reliance on energy income.

“We speak on when will we run out of this mono-product. I think it’s about 2028-2030, when we won’t see a repetition of oil super cycle due to the all the perception and trends we currently see. And we have to get ready to it,” Mr Gref said on a popular TV show “Pozner”.

The Sberbank CEO warned that Russia doesn’t have that much time to transform its resource-based economy. If nothing changes the country might face either revolutionary shock or a civil war, or become dependent on other countries, Mr Gref urged.

“We should talk more on a new dynamic and on how to diversify our economy. More and more people think about it; while experts started talking on it time ago and, on my view, people in power approach this situation,” Mr Gref said.

In mid-March, the head of the Ministry of Natural Resources Sergey Donskoy said Russia could run out of oil in the end of 2044.

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