300K barrels per day = 109mn barrels a year. At a 9% discount rate - remember China is investing in 3% treasuries today - this would suggest a $25 oil price assumption. At a 15% discount rate - to put Russia geopolitical risk etc etc - we get $37 oil price assumption. Clearly Russia is reconciled to the new reality.
Russia in 2008 is different from Russia in 1998. It still has ton of forex reserves to buy time till the end of this year, where it could do deals like this to shore its forex. Ruble has been a one way bet in the last two months, but Russia is far from collapse compared to other East European countries. What Putin needs to do is to convince Russians not to convert their rubles into dollars en masse, because then we get a self fulfilling prophecy.