Oil prices fell to below $30 per barrel and a budget deficit of at least 5 percent seemed inevitable.
But now Russia’s political elite is breathing a sigh of relief.
Oil is up to more than $40 per barrel and experts are predicting that prices are more likely to continue climbing than to collapse, as they did in winter.
Of course, oil price trends cannot be forecast with any certainty.
But financial officials recently stated that if oil remains between $40 and $50 per…