MOSCOW - INFLATION in Russia could climb as high as 15 per cent in 2009 depending on oil price levels, Russian Finance Minister Alexei Kudrin told Vesti-24 television on Saturday.

'This year (2008), inflation could reach between 13.5 and 13.8 per cent,' Mr Kudrin said. 'With (annual) growth of 2.4 per cent and a price of 50 dollars per barrel, inflation will reach 11 per cent in 2009.

'(But) if the price per barrel is lower, at 30 rather than 50 dollars, inflation will be higher and could reach 15 per cent,' he added.

At the start of December, Russian Prime Minister Vladimir Putin said 2008 inflation would level out at 13 per cent over the course of the year - up from 11.9 per cent across 2007.

Mr Kudrin also said the outlook for the ruble was unlikely to improve much from Friday's three-year low against the dollar, at 29.0058 rubles per dollar.

Mr Kudrin made clear during the television interview that an optimistic assessment would see a recovery in value to around 31 or 32 rubles per dollar.

The Russian currency has lost nearly 20 per cent of its value against the dollar since August amid the global financial crisis and plunging prices for oil, the country's main export.

The central bank has repeatedly intervened to buy rubles, spending tens of billions of dollars in foreign currency reserves, while for ordinary Russians the crisis is pushing up prices of imports and causing factory shut-downs. -- AFP