Medvedev: Spending cuts would plunge Russia into deep recession

Prime Minister Dmitry Medvedev warned Tuesday that Russia faces the risk of a "deep recession" if the government scraps its strategic goals and social spending plans. The Russian economy is in a worse place now than in the 2008 crisis, he said, because "a number of countries are effectively hampering the development of our economy."

With oil prices sliding and the Ukraine crisis, the rouble has tumbled in value. Public companies would henceforth be required to submit weekly reports to the Central Bank of Russia on the amount of their net foreign exchange assets."