Russia is planning to revamp its fiscal policy to insulate the economy from swings in crude prices, the latest energy producer to prepare an overhaul for the post-oil era. A proposed budget mechanism would prevent the government from spending excess revenue above a pre-set oil price, Finance Minister Anton Siluanov said in Moscow on Wednesday. The crude-price cutoff would be in the range of about $40 to $50 a barrel, and income received above that will be stowed away in reserves. “With this rule, the Russian government is trying to break the vicious dependence of the economy on oil via the ruble,” said Oleg Popov, a money manager who oversees $300 million of assets at April Capital in Moscow. “What’s changing is that the Russian government is signaling to the market participants that the ruble will be more predictable to spur investments into the economy.” Nations from Saudi Arabia […]