Russian Currency War by Other Means Targets Ruble's Oil Link
TD Bank's McCormick Sees the Ruble as an Oil Play
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Russia wants the ruble to stop acting like an oil currency.
A fiscal mechanism unveiled this year, under which the government absorbs all additional revenue when crude is above $40 a barrel, marks a “change in ideology” from the previous mechanism designed to ensure budget stability, according to Deputy Finance Minister Vladimir Kolychev. Given that the central bank is allowing the market to determine the exchange rate, the new approach sets the task of freeing the ruble from oil as the “main goal,” he said in an interview in Moscow.