Russian economy will demonstrate stable growth

The Russian economy will demonstrate stable growth next year if global oil prices stay above US$ 60 per barrel, Finance Minister Alexei Kudrin said on Sunday.

According to the Russian government’s forecast, the price of Russia’s Urals oil blend is expected to stay at the level of US$ 75 per barrel in 2010 and 2011 and rise to US$ 78 per barrel in 2012 and to US$ 79 per barrel in 2013.

The government’s projections for Russia’s federal budget in the next three years are based on the average annual price of US$ 70 per barrel.

According to data of the Russian Finance Ministry, the average price of Urals oil blend was US$ 77.4 per barrel in September 2010 compared with US$ 67.15 per barrel in September 2009. (PNA/RIA Novosti)

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