Economist Dr. Mikhail Melnik: 'Russia Needs To Focus On Underlying Causes Of Crisis, Restructure Economy'

Dr. Mikhail Melnik, economist for Southern Polytechnic State University, told Benzinga that Russia needs to develop programs similar to the U.S. food stamps program.

He said it should not only help shield from inflation to the most affected segments of the population, but also help fund the domestic agriculture sector, which he explained needs to expand and may be a beneficiary of this crisis.

“The country should streamline and simplify its business regulations, it needs to make itself even more open to foreign investors,” he said.

Melnik added that Russia has an enormous wealth that not only includes its vast base of natural resources, but an incredibly talented and educated work force.