Russian Prime Minister Dmitry Medvedev said on Monday that the collapse of oil prices, the main export of the country, will require cuts in the state general budget.
"The further dynamics in oil prices is hardly predictable," Medvedev said.
"Moreover, you know that the sanctions against Iran have been lifted and oil has continued to decline," he noted.
"Respectively, there are still big risks for the replenishment of budget, meeting budget obligations and for the economy in general," the prime minister explained.
At a meeting devoted to discussing the state budget of 2016, the prime minister warned that "further measures" are needed to strengthen income and cut spending.
Earlier, Medvedev asked his ministers, as well as public institutions, to reduce spending by 10 percent without affecting the protected allocations in the budget, such as health resources and social programs.
"One can and should find an adequate set of measures for every industry, measures that will support these growth points and gradually reach the sustainable development of the whole economy," he added.
The Russian economy ministry forecasts that the GDP for this year will be down by 0.8 percent, in line with World Bank's estimates that the Russian economy will fall by 1 percent.