Central bank explains why Russian economy more resistant to oil price volatility

Russia's economy and financial markets were generally more resistant to oil price volatility this year, the Russian Central bank's First Deputy Governor Ksenia Yudayeva said.

She explained that it was possible due to the budget rule among other things. "This allows the economy to react less to shocks," TASS cited her as saying.

Yudaeva explained that the budget is "an essential part of the economy" and if it does not react to shocks, it stabilizes the economy.