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Russia sees recession if oil declines to US$60 a barrel

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Mr Siluanov says Russia will have to take a more strict approach to the budget and use all its crisis-fighting tools

Singapore

RUSSIA'S economy will sink into a recession next year if the price of oil slumps to US$60 a barrel and the United States and its allies tighten sanctions over the conflict in Ukraine, Finance Minister Anton Siluanov said.

The economy of the world's largest energy exporter