28 May 2010 15:54

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.