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Russia's Reserve Funds Could Run Out by Next Year

Russian spending is taking its toll on key reserves according to the latest report.

Russian spending is taking its toll on key reserves according to the latest report. The nation is set to blow through one of its two rainy day funds by the end of 2016 as the economic downturn adds further pressure to Russia's struggling economy. Western sanctions coupled with plunging oil prices pushed the country into recession this year, with the economy expected to contract roughly 3.9 percent through 2015. Russia's finance minister revealed that the country's $74 billion worth of reserves will have halved by the end of December. The ruble has been under pressure over the last 18 months as sanctions continue to hinder Russian trade. Russian citizens are also seeing their personal incomes drop for the first time since president Putin came to power 15 years ago.

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