Siluanov describes state's aid to oil sector as mistake

Siluanov describes state's aid to oil sector as mistake

Russian Finance Minister Anton Siluanov said that the state's aid to the oil sector in the last several years was a mistake.

"We've been helping only the oil sector recently, focused the major amount of state resources on it and provided benefits to the oil business. This was our mistake in the last several years," the finance minister said at the Russia Calling Investment forum. 

Siluanov noted that it is necessary to develop the oil sector and urged oil companies to invest in new oil fields and the petrochemical industry.

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