(MENAFN- Saudi Press Agency) MOSCOW, Rabi'II 8, 1436, Jan 28, 2015, SPA - The Russian government, facing its worst economic crisis in a decade, on Wednesday proposed cutting planned spending by 10 percent this year and 5 percent over the next two years in all categories except military and social expenditures, AP reported.
Russia's economy has been battered by lower energy prices, a collapse in the value of the ruble and Western sanctions over Ukraine crisis.
Russia's GDP is expected to decline by 4-5 percent this year, the first drop since 2009.
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