Global oil producers have breathed a sigh of relief following a partial rebound in the price of crude — and nowhere has the sense of respite been more palpable than in Russia.C ombined with a deepening recession and western trade sanctions the wild gyrations in the oil price and knock-on effects on the rouble have left key sectors of the Russian economic facing a credit crunch when it comes to repaying their foreign currency debt.“Overall, there is less cause for concern than late last year when we got quite close to a sense of panic, but with the rouble again trading close to the lows seen early in the year servicing foreign currency debt is becoming a heavier burden again,” said the head of risk management at a foreign bank in Moscow. “The question of what needs to be done to ensure foreign exchange liquidity is coming back.”