The world will reduce its consumption of hydrocarbons in 10 years, therefore, Russia faces great challenges.

The analyst stressed that the structure of energy sources is fundamentally changing. For example, Germany is already largely self-sufficient in renewable sources. In the future, all goods will be marked with their carbon footprint, the world will go to a substantial reduction in emissions, Kudrin predicted.

He believes that Russia is facing a double blow from the fall in oil demand. “Russia will be hurt twice – firstly, as a hydrocarbon producer, and as a country that will also have to follow these requirements if we want to export our goods,” the head of the Accounts Chamber emphasized. He is confident that the peak of consumption of oil and petroleum products will be passed by 2030. “Our financial system must expect that it will live with oil prices, which may be substantially lower than current values,” Kudrin added.