Russia's finance ministry is proposing to raise the cut-off oil price for its fiscal rule - the level at which Moscow starts buying foreign currency with profits on energy sales - to $60 a barrel, the Vedomosti daily reported on Tuesday.
Under the mechanism, Russia buys foreign currency with its booming energy profits - a measure designed to both stabilise the rouble and channel hard currency into the country's rainy-day national welfare fund.
Russian Finance Minister Anton Siluanov scrapped the fiscal rule, instead using all of Russia's energy sales to fund day-to-day government spending.
The finance ministry also proposed to fix Russia's oil production volume at 9.5 million barrels per day.
Excess budget revenues could amount to around 2.5-4.5 trillion roubles ($44-80 billion) under the rule - which would be channelled into the NWF, a sovereign fund designed to go on large investment projects, Vedomosti reported, citing a Raiffeisen Bank economist.
