During the month of February, Russia used 10 percent of its reserve fund to make up for revenue shortfalls due to low oil prices.

The Reserve Fund is used to support public finances in times of low prices for exports, and is held in dollars, euros and British pounds.  It fell to $77.05 billion from $85.09 billion in January.  The 20 percent fall in the ruble was sharper.

The finance ministry used 500 billion rubles ($8 billion) from the fund to supplement a drop in budget revenue.

Cuts of 10 percent are planned in most aras of government spending this year, with defense and infrastructure spending largely exempt, in response to a fall in the price of oil and gas. Around half of Russian government revenues typically come from taxes on the oil and gas industries.