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MOSCOW (Bloomberg) -- Russia is preparing for a “catastrophic” slump in oil prices, which it can weather thanks to a cushion of more than $400 billion in reserves, President Vladimir Putin said. “We’re considering all the scenarios, including the so-called catastrophic fall of prices for energy resources, which is entirely possible, and we admit it,” Putin said in an interview with the state-run Tass news service before attending this weekend’s Group of 20 summit in Brisbane, Australia, according to a transcript emailed by the Kremlin.
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