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Saudi Social Spending to Support Russia for Years, Sberbank Says

Saudi Arabian social spending aimed at preventing the kind of political unrest that has gripped the Middle East will help support oil prices and Russia’s economy, OAO Sberbank said.

The country’s higher spending commitments require crude prices of about $100 a barrel, a level that would support Russian budget revenues “for a long time to come,” Ksenia Yudaeva, chief economist at Russia’s largest bank, told reporters today in Moscow.