A recent S&P research "Hooked on Oil: Is Russia breaking free?" shows that even though oil and gas exports still account for almost 60% of total goods exports and 45% of federal budget revenues of Russia, non-energy exports have picked up recently, supported by the improved price competitiveness of domestically produced goods. Over the past couple of years, the sensitivity of domestic economic and financial conditions to oil price movements has diminished, and international sanctions have altered the pattern of capital flows, making them less procyclical. The main issue is whether these changes will facilitate the much needed economic diversification and forster Russia’s capacity to take full advantage of new sources of growth.

The presentation will be held in English and the Questions/Answers session in French and English.