Number of the week: How long until Russia can end its oil dependence?

Oct 28 2016

RBTH

The Russian economy will need at least 10 years to end its oil dependence, according to a statement made by the head of Sberbank, German Gref."A very large amount of today's GDP is based on oil and gas,” he said at a Sberbank conference on Oct. 28. “And it takes time to create an economy with half of the existing digital businesses, to digitize traditional forms of business. I think it will be at least 5 or even 10 years," he said.Read more: Russian oil companies deny association with British 'doubles'>>>

Yevgeny Biyatov / RIA Novosti

Head of Russia’s Sberbank shares his forecast

The Russian economy will need at least 10 years to end its oil dependence, according to a statement made by the head of Sberbank, German Gref.

"A very large amount of today's GDP is based on oil and gas,” he said at a Sberbank conference on Oct. 28. “And it takes time to create an economy with half of the existing digital businesses, to digitize traditional forms of business. I think it will be at least 5 or even 10 years," he said.