Titov: More Than 90% of Russian Businesses Feeling Coronavirus Crisis

More than of 90% entrepreneurs have been affected by the crisis caused by the coronavirus pandemic and oil price downturn, Russia’s business ombudsman Boris Titov has said, according to RAPSI.

Many applications from businesses are being submitted to the ombudsman’s office, Titov said Wednesday during his news conference.

“The fall in oil prices and coronavirus outbreak led to the economic deadlock. This is not a simple slide in oil prices resulted in a reclaimable decline in the ruble and erosion of purchasing power, the ombudsman stated. Currently, oil, metal, mineral and other exports are curbed.  Previously, if the ruble rate downed and bolstered exports; today all markets are closed what result in a tangled situation,” he said.

Earlier, Titov sent President Vladimir Putin extraordinary measures proposals aimed to regulate the economy under recessional conditions.

Titov also said he does not rule out that the fall in GDP and the federal budget deficit following the results of 2020 in Russia may amount to more than 10%.

The further state of the economy will depend on how long the quarantine lasts, and on the results of negotiations to reduce oil production, the business ombudsman added.