Russia May Burn Wealth Funds in 3 Years Without Cuts
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Russia, poised to enter a recession, will burn through its rainy-day funds in three years if the government doesn’t change the budget structure, according to Finance Minister Anton Siluanov.
With oil prices at $60 a barrel, Russia’s economy may contract about 4 percent next year and have a budget deficit of more than 3 percent of output, Siluanov told reporters in Moscow today. The ministry will use these estimates and an exchange rate of 51 rubles per dollar to review the 2015 budget.