Russian President Vladimir Putin said on Tuesday that the country’s economy should be less dependent on prices of oil.
SOUNDBITE(RUSSIAN): VLADIMIR PUTIN, Russian President 0000-0026
“Before we start our work I would like to outline a few priority points. First of all, it is necessary to assure balance and stability of the state financial system, significantly decrease the dependence of the federal budget on oil prices. The planned budget deficit for the next year should not exceed three percent of GDP.”
Putin told a government meeting on Russia’s 2016 budget, which should be presented to the parliament in October.