Ratings agency Standard and Poor's has warned that Russia faces having its debt rating cut if the price of oil drops significantly.
Standard and Poor's said a fall in the oil price could have a "huge impact" on the Russian economy.
The agency estimates that a $10-a-barrel fall in the price of oil would likely reduce Russian government revenues by $26 billion.
Standard & Poor's said Russia needs an average price of oil of $120 per barrel to balance its budget this year.
It suggested that oil is likely to remain above $100 per barrel, but said there is a chance of a sharp decline.
Based on reporting by AFP and BBC