Russia cannot blame the commodity slump alone for its recent economic woes, according to the country's former finance minister.
Speaking exclusively to CNBC at the Moscow Exchange London Forum on Tuesday, Alexei Kudrin acknowledged the ongoing impact of the weakness in commodities
"The drop in GDP (gross domestic product) this year mainly has to do with the drop in oil prices - it will be like this this year and next year," he said.
However, the former Russian finance head - who attended in his capacity as the chairman of the Moscow Exchange - highlighted other factors as being at least as important.
"We need structural reforms in various areas. That will lead to diversification. But these reforms are often painful and that is why the government postpones them to after parliamentary and presidential elections in early 2018," he said.