May 5, 2008

Elvira, Mistress of the Economy

--One barrel of oil: $120.21
--Gold and foreign-currency reserves: $530 billion
--Sovereign-wealth fund: $130 billion
--Painting youself into an economic “dead end”: priceless

"'This route may lead to a dead end,''' Economy Minister Elvira Nabiullina said at a Finance Ministry meeting last month. 'We no longer have the advantages of a cheap ruble, cheap labor' after a decade of average annual economic growth of 7 percent that pushed up wages and the currency, making Russia less competitive.”

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