Russia Bows to Cheap Oil as Putin Aide Sees $50 Price for Budget

  • Russia to switch to one-year budget planning, Putin says
  • Russia `comfortable' with oil prices above $60 a barrel

Russia will assume that crude prices will stay near their present level in calculating next year’s budget as the world’s largest energy exporter adjusts to a downturn on the oil market, according to President Vladimir Putin’s top economic aide.

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