Putin: Current Oil Price No Tragedy for Russia's Budget

Russian President Vladimir Putin said on Friday that the current low price of oil was not a tragedy for Russia's budget, which is highly dependent on energy revenues, and that he believed it would see an upward correction.

Speaking at a briefing after talks with Ukrainian President Petro Poroshenko in Milan, Putin said oil at a level of $80 per barrel is not profitable for producers.

(Reporting by Alexei Anishchuk, Writing by Thomas Grove)