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Russia's Economy Growth Restrained

The national economy is slowing despite record high oil prices

Russia?s Economy Ministry macroeconomic forecasting department head Andrei Klepach said on Monday that the national economy is slowing despite record high oil prices, because weakening business confidence, fuelled by the breakup of oil firm Yukos, restrains growth.

?The economy?s growth rate has slowed appreciably. What is this linked to? The value of work is falling significantly in the oil and gas industry, which is the motor of our economy,? he said.

?We are not in a position fully to exploit our potential. We observe a fall in investments and oil production despite enjoying a windfall from high oil prices,? he added. He also said there was a ?problem of excessive tax demands on oil companies?.