Russia’s Finance Ministry has said the recovery in oil prices may help the country avoid spending all of its Reserve Fund this year.
The country had drawn up its 2017 budget using an assumed average crude oil price of $40 per barrel.
But its prices for its biggest export are currently well above that.
Finance Minister Anton Siluanov said: “We have a very good chance to substantially cut utilisation of the Reserve Fund.”
Russia’s Reserve Fund fell to $16.03billion at the start of this year, from $50billion early last year.
Recommended for you
