Russia began to prepare for a collapse of oil prices
According to the report of the Bank of Russia on the potential risks for Russia’s economy, by mid-2018, oil prices could gradually decline to about 25 USD per barrel, while the growth rate of Russia's GDP will be significantly lower than in other scenarios.
In March the Central Bank developed a high-risk scenario which provided for the possibility of reducing oil prices to 25 USD per barrel as early as at the end of 2017 and the slowdown of Russia's GDP this year due to this factor to zero.
"Under the influence of rapid and significant growth in the volume of oil exports from Libya and Nigeria, on one hand, as well as the slowdown of economic growth in China and much weaker demand in the energy market, on the other hand, oil prices will gradually decline starting in the middle of this year, and by the middle of next year will reach about 25 USD per barrel," the June report by the Central Bank reads.
"As a result, the economy's growth rate will be significantly lower than in the basic scenario. Since the slowdown may begin as early as mid-2017 ... The gradual recovery of economic growth will begin in the second half of 2018, while in the medium term, the GDP growth rate will approach the potential level and in the future will be determined by structural factors," the Bank of Russia points out.