Is Russia's economy recession-proof
( RT ) - Concerns about the U.S. economy going in to recession have dominated business this week, and contributed to a volatile few days on the global stock markets. RT has been talking to business leaders and politicians - and the jury's still out on how Russia would be affected if the U.S. goes under.
Chairman and CEO of VTB Bank, Andrey Kostin, says the effect on Russia would be minimal.
"I don't think either Russia's industrial or financial sectors will be very much affected - with the exception maybe of the stock price of Russian companies," Kostin said.
Merrill Lynch CEO John Thain says that Russia is insulated from a slowdown in the U.S.
"Because of the energy sector and the importance of energy, oil and gas, to the Russian economy. So, I think Russia will do relatively better in terms of economic growth," he added.
Meanwhile, Finance Minister Aleksey Kudrin is more cautious. He says Russia hasn't realised all the consequences of the current crisis yet.