The
rule was fully suspended after harsh Western sanctions imposed
after Moscow started what it calls a "special military
operation" in Ukraine on Feb. 24.
Now the finance ministry is working on a new budget rule and
price, aiming to help build up reserves and cap rouble strength,
the source said.
Authorities are keen to shield the economy from external shocks
after halting foreign currency purchases in early 2022 to ease
pressure on the rouble at a time when it was falling sharply in
the weeks before Moscow deployed tens of thousands of troops in
Ukraine.
Now the rouble has soared to seven-year highs, boosted by
capital controls that include curbs on Russians withdrawing
foreign currency savings, thereby eating into Russia's export
income by denting the value of dollar and euro proceeds from
sales abroad of commodities and other goods.
The source close to the Kremlin, who spoke on condition of
anonymity, told Reuters that the finance ministry had proposed a
crude oil price of $60 per barrel and a daily oil output of 9.5
million barrels under the new rule, confirming the earlier
report in the Vedomosti daily.
The previous budget rule envisaged a cut-off oil price of $40
per barrel with an annual 2% increase.
President Vladimir Putin has said that Russia's crude oil and
gas condensate output in June stood at 10.5 million barrels per
day.
The new rule parameters have been proposed by the finance
ministry and some top officials had a different view, the source
said, adding that details would be discussed with Putin in
August.
The finance ministry declined to comment.
Finance Minister Anton Siluanov said last month Russia may start
buying the currencies of "friendly" countries and use those
holdings to try to influence the exchange rate of the dollar and
euro, as a means of countering sharp gains in the rouble.
The new budget rule, if imposed next year with the parameters
proposed by the finance ministry, could mean the rouble on
average will be 10-20 roubles weaker than now, said Stanislav
Murashov, an economist with Raiffeisen Bank in Moscow.
(Reporting by Reuters; Editing by Nick Macfie)
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