Excessive rise in oil prices will hinder Russia

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Excessive rise in oil prices will hinder Russia

GORKI. May 28 (Interfax) - Excessively high oil prices would be an obstacle to Russia's modernization, President Dmitry Medvedev said.

"Bluntly speaking, $140 a barrel is a catastrophe for Russia. It means the destruction of all stimuli for development," Medvedev said at a meeting with the leadership of the ruling United Russia party on Friday.

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