About Oil Prices and the Fate of Small and Medium Enterprises

Department of Economics
Yulia Vymyatnina
Media Publications; Education

Julia Vymyatnina, Dean of the Faculty of Economics at the European University in Saint Petersburg, in an interview with reporters of the daily national Norwegian newspaper Klassekampen, commented on the economic situation in Russia in connection with the coronavirus pandemic. In particular, the economist spoke about the fall in oil prices to less than $20 per barrel and the small and medium enterprises affected by the crisis—some enterprises have already closed and are renting out their premises, while others are still thinking about whether to open. In addition, Julia Vymyatnina mentioned the growing dissatisfaction with state measures to support small and medium-sized businesses—there is an opinion that they do not work properly or are insufficient to support the business.

The article also addresses the topic of President Vladimir Putin's approval rating dropped amid a decline in oil revenues and rising unemployment.

Photo: Alexey Nikolsky / TASS