Russia will have to cut budget spending this year as revenue declines due to Western sanctions and a fall in the price of oil, the country’s finance minister said Wednesday. Speaking at an annual economic conference, Anton Siluanov said that his ministry plans to cut budget costs by 10% across all sectors except for military spending. Russia is widely expected to slide into recession this year, while also suffering from double-digit inflation. The economic turbulence is the result of a rapid depreciation in the ruble, steered by sliding oil prices, massive capital flight and a geopolitical standoff with the West. Mr. Siluanov said that Russia has a $180 billion shortfall in revenues due to the drop in oil prices. A shortfall in revenues created by Western sanctions is expected to be between $40 billion and $60 billion, Mr. Siluanov added. The finance ministry will tap the […]