Russian Economy Must Diversify: Economist

4:40 AM ET Fri, 3 Feb 2012

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."