Russia Plans for Oil at $20 This Year, More Debt Sales
- Government to add 1-1.5 trillion rubles to ruble debt plan
- Budget losses this year could total 3-4 trillion rubles
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President Vladimir Putin’s government is rewriting its budget to prepare for oil prices at $20 a barrel this year despite U.S.-led efforts to get major producers to rein in production.
To cope with lower budget revenues, the Russia will ramp up borrowing by about 1 trillion-1.5 trillion rubles ($13 billion-19 billion) this year, according to people familiar with discussions who asked not to be named because talks are ongoing. The Finance Ministry estimates the budget shortfall will total 3 trillion-4 trillion rubles this year, the people said.