Alexei Kudrin said that in 2000, the Russian government predicted average world oil prices at just $20 per barrel based on figures over the past decade.
"Since then, oil price growth enabled Russia to receive an extra $475 billion in revenue from 2000 to 2007, of which $340 billion or 72% was paid to the budget," Kudrin said.
Global oil prices are currently hovering at just over $100 per barrel.
The Russian economy can withstand an oil price plunge to $50 per barrel, Vice-Premier Alexander Zhukov said.
Naturally, a sharp decline in world oil prices would negatively affect the Russian economy and the country's economic growth but nothing disastrous would happen, Zhukov said, adding that the macro-economic situation in Russia was stable enough.
"Russia currently has Europe's lowest ratio between foreign debt and international reserves, which have reached half a trillion U.S. dollars," Zhukov said.
