The coronavirus is hitting the Russian economy harder than the oil price collapse, according to VTB President Andrey Kostin.
The banker noted that Russia knows how to fight crises that have economic roots. However, we have no experience with “viral crises.” The coronavirus is more dangerous for the national economy than low oil prices, he added.
Andrey Kostin believes that if not for the coronavirus, the oil prices would spring back to $50 per barrel. That would be enough for the Russian economy to remain stable, Bloomberg reports.