Spiraling oil prices and the serious accidents at a major Japanese nuclear power station caused by the March 11 quake and tsunami are helping strengthen the position of Russia in the international community.
The prediction by the Organization of Petroleum Exporting Countries (OPEC) that the oil price will soon go up to $120 a barrel is good news for Russia, which has based its national budget on the assumption that it would export crude oil at $75 per barrel. Any price above that level would be a windfall profit for one of the world's major oil exporting nations.
Russian Finance Minister Alexei Kudrin has stated that high oil prices will enable the Russian economy to grow by more than 4 percent this year, allowing more than a one-third reduction in the amount of issued bonds.