Russia’s economy and budget may suffer if low oil prices and Western sanctions persist for some time, government ministers warned Friday. In the government’s clearest acknowledgment so far of the pain Western sanctions and lower oil prices have inflicted on the economy, Russian Finance Minister Anton Siluanov said the government may need to cut its budget spending for the next three years. Economy Minister Alexei Ulyukayev, meanwhile, said if the ruble continues to weaken, the economy may contract next year. Russia’s economy is suffering from falling oil prices, as oil revenue makes up about half of the state budget revenue, while the sanctions imposed by the West in response to Moscow’s policy toward Ukraine have almost shut the global financial markets to Russian companies.