Russia to introduce new budget rule of $60 per barrel of oil -Vedomosti

Russia’s finance ministry is proposing to raise the cut-off oil price for its fiscal rule – the level at which Moscow starts buying foreign currency with profits on energy sales – to $60 a barrel, the Vedomosti daily reported on Tuesday. Under the mechanism, Russia buys foreign currency with its booming energy profits – a measure designed to both stabilise the rouble and channel hard currency into the country’s rainy-day national welfare fund.