The renewed decline in oil prices means the Russian government needs to cut budget spending and boost revenue to prevent the fiscal deficit exceeding 3 percent of economic output and avoid depleting one of its wealth funds, Finance Minister Anton Siluanov said.
Chicago Tribune: Russia seeks $20 billion budget lift as oil alarms Siluanov
Russia's Prime Minister Dmitry Medvedev (R) speaks during a meeting on the financial and economic situation with Central Bank Chairman Elvira Nabiullina (L), Finance Minister Anton Siluanov (2nd L).
