Russia could end up borrowing US$6.8 billion (500 billion Russian rubles) less than planned this year as rising oil prices help its key oil revenues to rise, Bloomberg reported on Wednesday, quoting two officials with knowledge of the plans. The rally in oil prices, which have risen by around 30 percent this year, also coincides with Russia’s economy emerging from the slump during the pandemic. Last year, Russia’s economy was suffering the consequences of the oil price crash it helped create with the temporary rift with its OPEC+ partner Saudi Arabia in March 2020. The Russian ruble crashed, and Russia’s oil income shrank as a result of the plunge in oil prices during the pandemic. In March 2020, Russian Finance Minister Anton Siluanov warned that revenues from oil and gas would be US$40 billion (3 trillion rubles) lower than planned due to the tumbling oil prices. Russia’s economy is […]