Russian authorities are facing some unpalatable options as they try to keep the economy afloat – unless they can persuade President Vladimir Putin to curb massive military spending. Officials fear that without limiting the defense budget, the government will have to raise taxes, increase the pension age or print money to prevent the state deficit from running out of control. Despite a crisis brought on by diving oil markets and Western sanctions, they believe Russia can muddle through next year provided the price of crude, its dominant export earner, holds near current levels. But even at $60 per barrel, the present oil price is little more than half what the Kremlin needs to balance the budget, and it is quickly running out of money. Without radical action, the officials are much less confident about 2016-17 – and even sooner, should global oil prices continue their slide […]