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Russia May Slash Borrowing This Year as Oil Revenues Surge

  • Officials consider cutting borrowing plan by $6.8 billion
  • U.S. stopped short of hitting debt in latest sanctions round
Photographer: Andrey Rudakov/Bloomberg
Updated on

Russia may cut its 2021 borrowing plan by 500 billion rubles ($6.8 billion) as the economy starts to pull out of a pandemic-related slump, supported by a surge in oil prices.

The government is discussing a proposal to cut borrowing this year to 3.2 trillion rubles from 3.7 trillion rubles, according to two officials with knowledge of the matter, who asked not to be identified because the talks are ongoing. One of them said the reduction could end up being as high as 1 trillion rubles.