Russia needs clear economic policies to prevent shocks from oil prices, though stability is expected at $40 per barrel, a development minister said. The Central Bank of Russia in late December reported a net contraction for full-year 2016, though the level of decline was less severe in the latter half of the year. The oil-dependent economy faced dual strains from the low price of oil and economic sanctions, but Russian Minister of Economic Development Maxim Oreshkin told business daily Kommersant the situation is improving as crude oil prices increase. Russia is party to a plan outlined by the Organization of Petroleum Exporting Countries to curb production. The move is meant to offset the supply-side strains that pulled oil prices below $30 in early […]