Telegraph (UK) on Russia's strategy on getting more revenue from crude oil price increases

Some excerpts:

Eighty cents on every dollar above $27 a barrel goes to the state. Energy rents fund 48pc of the budget.

...

The Oil Stabilization Fund was supposed to inoculate Russia against the curse by siphoning revenues out the domestic economy. Certainly it helps.

There will be no repeat of 1998 default. Russia has paid off its foreign debt. The oil fund ($157bn) and foreign reserves ($470bn) are enough to deflect anything short of financial cataclysm.