Oil Fallout: Russia Cuts Govt Spending By 10%

Reuters: Hit by oil price, Russia imposes 10 percent cuts on government again

Under pressure from the falling global oil price, Russia is requiring government departments to cut spending by 10 percent, repeating a policy it also imposed in 2015, two government sources told Reuters.

The cutbacks will exclude several areas of government spending, including public obligations such as pensions, and pay for government employees.