Russian PM suggests federal budget cut

Russian Prime Minister Medvedev on Friday suggested that the country’s 2016 budget be slashed amid economic downturn. The government has asked all ministries and departments to make detailed proposals on cost reduction and downsizing. Medvedev also stressed the importance of reducing the share of oil and gas sector in export and budget revenues “no matter how the situation unfolds.“ Western countries have imposed rounds of sanctions against Russia over Moscow’s alleged involvement in Ukraine crisis.