Russian Economy Minister Cites Lenin Saying ‘The Era Of Peace Is Over’ (Source Business Insider)
Russia’s economy minister Alexei Ulyukayev borrowed a quote from communist revolutionary Vladimir Lenin in his speech to the Gaidar Forum in Moscow today. Ulyukayev cited the founder of the Soviet Union as he told guests at the economic summit that the era of peace is over to be “replaced by an era of relatively much more impulsive, spasmodic, disastrous, conflict”, according to Russian business daily Vedomosti. However, he assured his audience that there was “no reason to panic” because the Russian budget is healthier than it was in 2008. He advised people to look after their loved ones rather than worry about oil prices and sanctions. The minister’s comment comes after months of turmoil for the country, as oil prices have plunged by more than 50% since June last year. Russia is still heavily reliant on the commodity to fund its government budget and fuel economic growth. Moreover, the country has also been battered by a combination of Western economic sanctions that have frozen a number of large Russian companies out of international markets, and tit-for-tat sanctions imposed by Moscow on Western goods that have helped drive inflation up to 11.2% in December.