By Jonathan Davies

Falling oil prices are costing the Russian economy $100bn a year, with sanctions imposed by the EU and US costing $40bn.

Russian finance minister, Anton Siluanov, explained the financial impact at an international financial and economic forum.

Reports suggest that Russia could cut oil production by 300,000 barrels a day in an attempt to slow down the falling prices.

Last week, Alexei Ulyukayev, the economic development minister, said oil prices could have a significant impact on businesses and the public in Russia.

Oil prices have been steadily falling throughout the year. On Friday, Brent crude closed at just above $80 a barrel, while US crude was at $76.51.

In early trading on Monday morning, the Russian rouble gained 2% against the US dollar and euro after a slight increase in oil prices. But the rouble has lost nearly 30% of its value this year.

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