Russia devalues rouble, plans 2009 budget review

Russia let the rouble's value slide again for the sixth time this year on Monday and said it will overhaul the state budget to reflect the sharp fall in the price of oil, its main export. Prime Minister Vladimir Putin, whose high popularity ratings and chances of returning to the Kremlin as President in 2012 hinge on his ability to handle the economic crisis, issued the order to re-work the budget based on less than half the initial oil price estimate. "The Finance Ministry should amend the state budget using the price of oil of $41 per barrel," Putin told the cabinet. The initial budget assumption for oil was $95 per barrel. >>