Moscow Wants to Replenish Reserves Despite Low Prices

摘要

Russia’s finance ministry is mulling over how it can replenish the country’s rapidly dwindling but strategically crucial Reserve Fund even in the current low oil-price environment. The ministry is considering restoring the so-called "budget rule," under which surplus revenues, including taxes, accumulated from the oil and gas sector are diverted to the rainy-day fund when oil prices are above a certain level. During 2013- 15 that was $92/bbl, but the new idea would be to lower the threshold significantly, possibly to $50/bbl.