The recent plunge in the price of oil isn’t a “tragedy” for Russia, which also has enough foreign-exchange reserves to control the resulting decline in the ruble, President Vladimir Putin said Friday. Speaking to reporters in Milan, where he is at a summit meeting, Mr. Putin said that low oil prices might force “corrections” to the budget in Russia but that the government would meet all its obligations for social spending. He also expressed optimism that the oil price would recover as the global economy does. Mr. Putin said that “no serious market participant” is interested in a price below $80 a barrel, given high production costs and budgetary needs in producing countries. Mr. Putin said the ruble’s exchange rate, which has set record lows against the dollar almost daily in recent weeks, ultimately would stabilize. The central bank, while committed to a flexible rate, […]