Russian Economy Must Diversify: Economist

Friday, 3 Feb 2012 | 4:40 AM ET

Fatih Birol, chief economist, International Energy Agency, told CNBC, "it is true that the Russian economy is very much dependent on the oil and gas export revenues and when I look at the Russian government's policies I don't see any signs that this will be weakened in a substantial manner, even though diversification must happen because if the oil or gas prices were to go down this would have major implications for the Russian economy."