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Russian Finance Minister Wants Tight Budget and Monetary Policies

Russia's Finance Minister Anton Siluanov

Russia should have tight budgetary and monetary policy to bring down inflation, Finance Minister Anton Siluanov said Tuesday.

Siluanov added that Russia should adapt its budget and economy to new conditions, regardless of decisions made by ratings agencies.

Ratings agency Moody's downgraded Russia's sovereign rating to junk late on Friday, citing the impact from the Ukraine crisis, a fall in oil prices and the ruble exchange rate. Standard & Poor's earlier cut Russia to junk.

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