Russian Energy Minister Novak Russia needs to diversify away from oil and gas, and fast, says the chief executive of the country’s largest lender, Sberbank. According to German Gref , the oil and gas could run out by 2030, so there’s no time to waste in shifting towards more sustainable industry drivers of GDP. Gref’s warning is the latest in a string of such comments from analysts and various industry experts, which started some time after the imposition of sanctions from the West and the oil price drop. In fact, talk about a diversification away from energy has been going on for quite a while in Russia, it just seems that efforts in this respect have not been too enthusiastic. Ironically, the sanctions and the low oil prices have come as a blessing in disguise, spurring Moscow into action. Earlier this year, Deputy Finance Minister Maxim Oreshkin said that […]