Reuters quoted Russia Finance Minister Anton Siluanov as saying: "We’re losing around $40 billion a year because of geopolitical sanctions, and about $90 billion to $100 billion from oil prices falling by 30 percent.
"The main issue that affects the budget and economy and financial system, this is the price of oil and the fall in monetary flows from the sale of energy resources."
Russia faced sanctions from the European Union and the US following its annexation of the Crimea region in Ukraine and its alleged involvement in eastern Ukraine.
The Telegraph cited Siluanov as saying that Russia would fall into a recession in 2015 if sanctions intensified and the oil price drops to $60 a barrel.
According to reports, oil production may be reduced by Russia by about 300,000 barrels a day to support the oil price.
The decline in oil prices will have more significant impact on the Russian economy than the international sanctions, Siluanov believes.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) oil cartel plans to reduce production to support prices.
On Monday, Brent traded at $80.25 a barrel, while US crude declined 10 cents to touch at $76.41 a barrel, reports BBC News.
Ahead of the OPEC’s production policy meeting in Vienna on 27 November, OPEC members Libya, Iran and Venezuela have asked fellow countries to support oil prices via production cuts, while Kuwait has said a reduction is unlikely.
