"I think that the facts of life have confirmed that the new economic reality and the global economy will no longer be the same as it was between 2000 and 2007, and that the Russian situation will never be the same, it will become much more difficult and is already much more difficult”, he said.
"I think the situation is extremely similar to the situation back then. A much more irregular, conflictive, and unforeseeable period has actually come upon us, therefore our measures must be just as competent when oil is at $130 per barrel as when it's at $30," the finance minister said.
Russia is currently facing an economic slowdown. In the wake of a steep slide in oil prices and geopolitical tensions related to the crisis in Ukraine the Russian ruble has plummeted dramatically, hitting historic lows against the dollar and the euro.
Alexey Ulyukayev said on Wednesday it is highly likely that the Standard&Poor's international agency will downgrade Russia’s sovereign rating.
On January 9, 2015, Fitch downgraded Russia's long-term foreign and local currency IDRs to BBB.