Russia has sufficient reserves to cope with oil price crash -Kremlin

Russia has sufficient cash reserves to offset the crash in oil prices, Kremlin spokesperson Dmitry Peskov on Tuesday said in a conference call with reporters.

Peskov downplayed the impact of the crash, explaining that the collapse in May futures was “an absolutely speculative moment, purely a trading moment,” and that the market’s shift into negative prices “should not be painted in apocalyptic colours.”

Russia remains deeply reliant on revenue from oil and gas exports, yet it has a reserve fund to cover shortfalls in the national budget.

“The main thing here is that our government and our leadership have all the necessary reserves for damping the negative consequences of such international volatility in our economy, and of course, all the resources that are at hand will be used,” Peskov noted.

Russian President Vladimir Putin has no immediate plans to discuss the situation with U.S. President Donald Trump, he added.

Putin and Trump have spoken on the phone at least four times in recent weeks, according to a CNN tally.