Europe's East

Russian Currency War by Other Means Targets Ruble's Oil Link

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By Anna Andrianova  and Evgenia Pismennaya

A fiscal mechanism unveiled this year, under which the government absorbs all additional revenue when crude is above $40 a barrel, marks a “change in ideology” from the previous mechanism designed to ensure budget stability, according to Deputy Finance Minister Vladimir Kolychev. Given that the central bank is allowing the market to determine the exchange rate, the new approach sets the task of freeing the ruble from oil as the “main goal,” he said in an interview in Moscow.

New collective defence tasks discussed and tribute paid to Zbigniew Brzezinski, an outstanding expert in international relations, at the global security forum

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Minister of Foreign Affairs of Lithuania, Linas Linkevičius, said at the global security forum GLOBSEC that NATO had to maintain its ability to adapt to new challenges and focus on its main task, collective defence; the success of the Alliance would depend on that in the future.