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Recent Russia research
|Russia: Geopolitical driver – negative turn, Christopher Granville, 15 Mar 2017|
|Russia: Jumbo tax reform, Christopher Granville, Madina Khrustaleva, 3 Mar 2017|
|Russia: More good news on the macro-policy front, Christopher Granville, Madina Khrustaleva, 8 Feb 2017|
|Russia: Pay attention to Kudrin, Christopher Granville, 31 Jan 2017|
|Russia-Saudi oil axis: Gain without pain, James Henderson, Christopher Granville, 19 Dec 2016|
See all our Russia research >>
Russia: More good news on the macro-policy front
By the end of 2016 the Central Bank’s steady progress towards its inflation target risked being complicated by two effects of the oil price recovery: the temptation to spend windfall budget revenues and a backlash against the higher growth sacrifice resulting from the stronger ruble. These – and other – hazards have been smartly addressed with the introduction of a new fiscal rule.