Russia's finance minister has warned that the government must slash its budget by 10 percent, excluding defence spending, as plunging oil prices threatened the country with its biggest currency crisis in over a decade. Anton Siluanov said that Russia would lose $45 billion in revenue this year if oil continued to average about $50 a barrel, a scenario the finance ministry is forecasting.
Russia's War Against Ukraine
Financial Times: Russia finance minister warns of budget pressure
Russia's Finance Minister Anton Siluanov (L) and Economic Development Minister, Alexei Ulyukayev, attend a meeting in the Kremlin in Moscow, on December 25, 2013
