Klepach: Lenders at Risk if Oil Plunges

Russia’s huge current account surplus could disappear by 2009, potentially threatening a liquidity crunch in the banking system if oil prices slump, the Economic Development and Trade Ministry’s chief forecaster said on Friday.

Russia posted a record current account surplus of $87 billion last year — over 11 percent of gross domestic product — thanks to booming earnings from oil, gas and metals, which account for four-fifths of its exports.
The Moscow Times