Russian finance minister demands close watch on spending

January 14, 2015 8:52 AM

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Russian finance minister demands close watch on spending

MOSCOW (Reuters) - Russia must cut expenditure to cover what could be a more than $45 billion drop in revenues this year if the average oil price is $50 a barrel, Finance Minister Anton Siluanov said on Wednesday.

In comments underlining the government's concern at the depth of an economic downturn, he told a conference that all budget expenditure should be cut by 10 percent except on defence, a priority for President Vladimir Putin.

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