Russian President Vladimir Putin appointed 34-year old Maxim Oreshkin to the office of the Minister of Economic Development.
"You are working not too long but quite a lot in broad terms and successfully. I want to offer the position of the economy development minister to you," TASS cited Putin as saying.
"I agree," Oreshkin answered.
Oreshkin held executive positions with Rosbank, Credit Agricole, and VTB Capital. Oreshkin worked in the Ministry of Finance from 2013 and was appointed as the Deputy Finance Minister in March 2015.
Advisor on macroeconomics to the CEO of the 'Opening-Broker' brokerage house, economist Sergey Hestanov, commenting the appointment of the new Minister of Economic Development to Vestnik Kavkaza, pointed out that the Russian Ministry of Economic Development is a body, which in the first place plays an information and advisory role.
"That is, in principle, the Ministry of Economic Development, as a rule, does not make any critical strategic decisions," he said.
The expert noted that, since Oreshkin was engaged in macroeconomics before, then, apparently, he will be emphasizing this aspect. "Perhaps, he will put forward some programs related to support of strategic industries, perhaps, he will take initiatives to make changes in the tax regime for those sectors, which development he will consider more important in terms of macroeconomics," the advisor on macroeconomics to the CEO of the 'Opening-Broker' brokerage house suggested.
A professor at the department of the stock market and investments at the Higher School of Economics, Alexander Abramov, in turn, warned that Oreshkin's appointment will be unlikely followed by radical changes.
"First, it is not just one minister, but the whole department will work. Second, this ministry will be headed by a man, yet having a small political weight," he explained.
The expert noted that such an appointment rather indicates a high probability that the Ministry of Economic Development will be merged with the Ministry of Finance. "I have no additional information, but the first thing I thought was that this could lead to a merger of ministries," the professor at the department of the stock market and investments at the Higher School of Economics noted.
"But even if the Ministry of Economic Development remains an independent department, I think that the new minister will be cautious. And, in general, we should not wait any radical breakthroughs in economic policy now," Alexander Abramov summed up.
