Interesting where he says Russia would give financial aid to Greece. Break up the Eurozone. Good idea!
If you read the whole thing you'll see that this guy's head is totally in a gold standard/fixed FX mentality. Will constrain Russia forever.
CNBC EXCLUSIVE TRANSCRIPT: ANTON SILUANOV, RUSSIAN FINANCE MINISTER
Foulds, Hugo (NBCUniversal) (Hugo.Foulds@cnbc.com)
CNBC EXCLUSIVE INTERVIEW: ANTON SILUANOV, RUSSIAN FINANCE MINISTER
Russia would consider giving financial help to debt-ridden Greece
WHEN: CNBC EXCLUSIVE, today Thursday, 29th January 2015.
Following is highlights of the unofficial transcript of a CNBC exclusive interview with Anton Siluanov, Russian Minister of Finance with CNBC’s Geoff Cutmore.
Full interview will be played out in Europe tomorrow morning on CNBC’s Squawk Box. All references must be sourced to a ‘CNBC exclusive interview’.
CNBC’s Geoff Cutmore (GC): Even as we’re speaking to each other, we know that there’s a meeting going on in Brussels they’re talking about potentially another round of sanctions. Can I ask you, how worried are you that another round of sanctions at this stage, would cause a crisis in confidence in the Russian economy?
Anton Siluanov (AS): Well it has always been our official position that we are against any form of capital or trade controls - and of course any sanctions are harmful because they cause a slowdown in the global economy. And the sanctions that have already been imposed against Russia did negatively affect us. However, Russia companies have adjusted, and Russia’s balance of payments have adjusted, the rouble weakened, and as you might be able to see life still goes on here and we just keep on living.
Our estimate is that last year the Russian economy experienced two kinds of external shocks - one is from oil prices and another from sanctions. The cumulative effect of those shocks is around 200 billion US dollars - maybe a little more, but the main, major influence was the fall in oil prices. Our estimate on the sanctions is a roughly 40-50 billion shortage of capital, but again the main driver of this slowdown is the oil price.