Russia to cut expenditure by 10% - FT.com:
"Russia is slashing budget expenditure by 10 per cent as it scrambles to cope with lower revenues following the latest big drop in oil prices.
Ministries and other government departments have until Friday to formulate plans for cuts that must total Rbs700bn ($9.1bn), according to three cabinet officials.
The amendments mark the second straight year that sliding crude prices have forced Russia to redraft its budget, underscoring the country’s dependency on commodity exports to keep its economy afloat."
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