The Russian Economy Ministry just tweeted a bizarre quote from Economic Development Minister Alexei Ulyukayev. On its official account on Twitter the ministry posted a picture of the minister alongside a quote saying — “We will not collapse!”.
Here’s the tweet:
The move is highly unusual from a government ministry. It comes on the back of sharp falls in the value of the rouble and an announcement this morning that Russia is having to reduce expected government revenues from oil after OPEC declined to cut production on Thursday.
Following the news oil prices collapsed, with both Brent and WTI crude falling to levels not seen since 2010. As a Morgan Stanley research note put it on Friday: “OPEC left its 30mmb/d quota unchanged, offering little other supportive language, effectively removing the “OPEC put” for now.“
And this is what removing the OPEC put looks like: