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Russia is likely to resume buying foreign currency for its reserves as soon as this month as rising oil earnings stabilize public finances despite United States (US) and European efforts to squeeze Kremlin income.

The surplus in the current account -- roughly the difference between exports and imports -- reached an estimated $51.9 billion in the third quarter.

Russia appears on track for a much shallower recession than expected this year, boosted by rising oil production that has blunted the impact of sanctions.