Russia’s budget is facing substantial risks from any further oil-price decline as crude is trading at a 12-year low, Prime Minister Dmitry Medvedev said Friday. “The dramatic movement of oil prices that we have seen in the past weeks, especially in the last few days, creates rather serious risks for the budget,” Medvedev said at a government meeting near Moscow. “A further decline in oil prices can’t be ruled out.” The Russian government, which approved its 2016 budget based on oil at $50 a barrel, now faces a desperate need to raise additional revenue and cut costs as crude trades near $30 amid a global glut. With oil and natural gas contributing almost half of budget revenue, the Finance Ministry is calling for spending cuts equivalent to about 500 billion rubles ($6.4 billion). The country may burn through its $50 billion Reserve Fund — which dropped 16 percent last […]