Russians want oil money flowing their way

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Most Russians want new oil money spent on social projects, a new survey shows. The economy of Russia, the second largest exporter of oil after Saudi Arabia, is riding high on a boom in oil prices. Oil and gas add up to more than half of all Russian exports, and taxes on sales account for more than a third of government revenue.

Soaring oil prices have helped Russia out of a particularly steep downturn in the late 90s. New revenues are helping feed a stabilisation fund set up by the government to finance social and development policies through the ups and downs of the switch to the market economy after the fall of communism in 1990.

Dawn