Russia prepared for global economic crisis

Russia can make it through any new global economic depression without experiencing major difficulties, First Deputy Prime Minister Viktor Zubkov said on Thursday. Zubkov’s comments come after President Dmitry Medvedev said in his state-of-the-nation address to both houses of parliament that an approaching global economic recession might last several years. “I believe that we are better prepared for a possible lengthy recession because we have the lowest foreign debt and large gold and foreign currency reserves, which we have accumulated in recent years,” Zubkov told the Rossiya TV channel. “And the main thing is that we have a stable economic and political situation. All these three factors are very important and will enable us to get painlessly through a possible depression and recession, which are expected in the coming years,” he said. Russia’s international reserves stood at $501.3 billion as of December 16, 2011.