The FINANCIAL -- Russian Finance Minister Anton Siluanov said on December 30 that he expects 2015 inflation to be at just above 13% and 2016 inflation at 6%-7%, according to Nasdaq.
Mr. Siluanov also said he expects the average oil price in 2016 to stay at around $40 per barrel.
"Nevertheless we estimate oil prices at around $40 per barrel next year... At $40 per barrel we understand how to act," he said.
Russia's budget is currently pegged to an oil price of $50 per barrel but the government has said that this number will be revised to a lower level.
Mr. Siluanov also said that Russia will turn to an arbitrage court to ensure that Ukraine pays its $3-billion debt and said that he expects a decision favoring Russia in the next year.
"I have no doubt that it will be done," Mr. Siluanov said speaking of Ukraine's debt repayment.