Russia’s new "anticrisis" economic plan calls for a 10 percent cut in spending this year in all areas except military and social expenditures.

Similar spending cuts of 5 percent would be implemented in 2016 and 2017 under the plan, which was published on the government’s website on January 28.

It seeks to balance the budget with spending cuts rather than heavy use of rainy-day reserves.

Other listed measures include $3.7 billion to prop up ailing Russian banks and $700 million in agricultural subsidies.

Russia’s economy has been battered by falling oil prices, a collapse in the value of the ruble, and Western sanctions over the country’s interference in Ukraine.

Russia’s GDP is expected to decline by 4 or 5 percent this year, the first drop since 2009.

Standard & Poor’s ratings agency downgraded Russia’s credit rating to a non-investment "junk" level this week.

Based on reporting by AP and The Wall Street Journal