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Russia shutters rainy-day fund as it switches to new budget rule

Reuters  |  MOSCOW 

MOSCOW (Reuters) - Russia drained its Reserve Fund to plug budget holes by the end of 2017, the finance ministry said on Wednesday, ahead of switching to a new budget mechanism that would insulate the oil-dependent economy from swings on global commodity markets.The finance ministry tapped its rainy-day fund in 2014 to cover budget shortfalls amid a sharp drop in prices for oil, Russia's key export. As the fund was running dry, the ministry had already embarked on topping its coffers with fresh petro-dollars.In December, the finance ministry converted funds denominated in foreign currency it ...

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First Published: Wed, January 10 2018. 21:18 IST