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Putin Says Budget Cuts an Option If Energy Prices Continue to Drop

By The Moscow Times

Russian President Vladimir Putin said Tuesday he cannot rule out revisions to the recently adopted budget to limit spending in light of declining energy prices.

Russia's government gets nearly half of its revenues from tax receipts from oil and gas exports. The 2015-2017 budget is based on an average oil price of $100 per barrel.

"Now that energy (prices are) down, and so are (prices for) some of our other traditional products ... we cannot rule out a revision in the budget towards reducing ... spending," Putin told a meeting with human rights activists.

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