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Margaret Thatcher

Russia warns cuts needed to avoid repeat of '98 crash

Russia's leaders are warning the government will need to make more cutbacks if the nation is to avoid a repeat of the 1998 financial crash, the country's biggest post-Soviet economic trauma.

The economy, which is heavily reliant on its massive oil and gas industry, is getting hammered by the plunge in global energy prices. State revenues are running dry and the cost of living is soaring for Russians as the currency drops.

Faced with the prospect of the economy languishing in recession in an election year, the government sought Wednesday to manage expectations.

"Our task is to bring the budget in line with new realities. If we don't do that, then the same thing...

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