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Russian Finance Minister Warns on Spending as Crisis Deepens

Russia's finance minister called on Wednesday for a cut in planned spending to weather an economic crisis, warning of a more than $45 billion drop in revenues this year if the average oil price is $50 a barrel. In comments underlining the government's growing concern at the downturn, Finance Minister Anton Siluanov said all budget expenditure should be cut by 10 percent except defense, a priority for President Vladimir Putin. Adding to the gloom, Economy Minister Alexei...

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