President Vladimir Putin on Friday said the government may have to cut the federal budget as the price of oil falls, but he tried to assure Russians that the worst of the economic crisis is over. The country has been hard hit as the price for oil, which accounts for around half of revenues, has fallen well below $50 per barrel. “We’ll probably have to adjust something here,” said Mr. Putin, speaking at his annual news conference. But he played down the problem, saying the government wouldn’t have to do so in haste. “Volatility is very high,” he said, referring to the crude price. “We won’t rush with recalculations and making adjustments in the budget, because that brings with it a reduction in the volume of financing for social spending, the nonfinancial sector.” Mr. Putin reiterated pervious statements that the peak of the crisis in Russia was over. He […]