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Russia considers new budget rule, investment options, sources say

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Reuters UK

(This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.) MOSCOW (Reuters) – Russia may reinstate the budget rule that diverts excess oil revenues into its rainy-day fund, setting a new cut-off oil price of $60 per barrel, and is looking for new ways to build up official reserves, high-ranking sources said on Tuesday. The rule, designed to replenish state reserves by buying foreign currency when oil prices are high, was fully suspended amid harsh Western sanctions imposed after Moscow started what it calls a “special military operation” i…

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