Step by step, Russia is undoing the budget policy assembled during the past decade as it tries to ride out turmoil on the energy market. The government is halting the so-called budget rule a week after announcing plans to drop three-year fiscal plans in favor of a one-year program for 2016. That rule, which went into effect in 2013 and sought to cap public spending based on average long-term oil prices, may be modified, reinstated or dropped entirely, Economy Minister Alexey Ulyukayev told reporters Tuesday in Paris. The world’s biggest energy exporter is tearing down its fiscal mechanisms as it contends with fluctuations in the price of oil, which together with gas accounts for about half of budget revenue. Crude is down more than 25 percent from this year’s closing peak in May, helping deepen Russia’s first recession since 2009 and putting the budget on course for its widest […]