Russia's Economy Minister Maxim Oreshkin in a Bloomberg interview on the sidelines of the St. Petersburg International Economic Forum on Thursday

OPEC "has not failed at all" in its attempt to drive oil prices up

"We are targeting tighter short-term end of the curve"

From a Russian economy perspective, the key assumption on which all Russian monetary and fiscal policies are based is oil at US$40

Russia is not as dependent on the price of oil as it was five or ten years ago

We are actually ready to live forever at oil prices $40 or below