Oil price no threat to Russia

The Russian economy will have a good year irrespective of risks to oil prices, according to Mark Robinson, manager of the JP Morgan Fleming Russian Securities. He believes investors in the country, which remains heavily dependant on global energy prices, do not appear to have priced in the current high oil cost environment. He said: 'Should the oil price fall, we believe Russia will be comfortable with prices even in the mid teens, given a 9% oil production gain in 2002, further increases expected this year and fiscal prudence. Anything above that level will help fuel the consumer boom....