17 Jun 2016 16:14

Kudrin: 50% ruble devaluation a stain on Russia

ST. PETERSBURG. June 17 (Interfax) - The 50% decline in the value of the ruble is a stain on the state and the economic wing of the government, former finance minister Alexei Kudrin said.

"I will be frank: the plunge in the national currency by more than 50% is a stain on the economic authorities and, I believe, on the country," Kudrin said during a discussion at the St. Petersburg International Economic Forum on Friday.

"This means that we cannot create stable conditions for business, for both technology imports and exports," he said.

"Therefore, we must create such conditions that in future will not lead to another such currency crash. There must be no increase in reliance on consumption of oil revenue on the domestic market," Kudrin said.