... on this one. "Experts" with internet and "business degrees" try to cope. So, this one invents the problem where there is none.
Oil Rally Gives Russia an Excuse to Delay Crucial Budget Reform. Russia was all set to tighten the screws on its own oil dependence, but the oil price spike is causing it to rethink its plan. Moscow has hit pause on planned changes to its budget rule, the mechanism designed to shield state finances from violent oil price swings. The idea was to lower the oil price threshold that determines when the National Wellbeing Fund gets tapped, forcing the government to rely less on energy windfalls. That now looks less urgent with oil doing the heavy lifting. As of March 24, the market is doing Russia a favor. Brent is sitting at $103.46, WTI at $92.29, both sharply higher as the Middle East conflict continues to choke flows through the Strait of Hormuz. For a petrostate running a war budget, that kind of price environment buys breathing room—at least on paper. But this is classic Russia: long-term reform meets short-term cash, and guess which one wins.
“I know a large number of absolutely wonderful financiers, economists who used to be not very good engineers, but I don’t know a single, even not a very good one, engineer who used to be good financier or economist.”



