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Thu, 11 Dec, 2014 12:00:10 AM FTimes- Xinhua Report , Dec. 11  Russian Prime Minister Dmitry Medvedev speaks during a live interview on the annual results of the government work to major Russian television channels at the Ostankino television center in Moscow on December 10, 2014. Dmitry Medvedev urged Russians to be patient as the ruble plunges due to falling oil prices and Western sanctions over Ukraine. Photo AFP-Lehtikuva. Russia's federal budget for 2015 could be revised over unfavorable international and domestic economic developments, Prime Minister Dmitry Medvedev said Wednesday.
"If economic conditions change dramatically, we'll have to revise the scenario (for the country's social and economic development) and eventually make new budget decisions," Medvedev said in an interview with leading TV channels.
Despite negative trends such as inflation and price hike in Russian economy, Russia managed to achieve positive results in 2014 such as GDP growth and a balanced budget, according to Medvedev.
Admitting the Russian economy has lost several dozens of billions of U.S. dollars due to Western sanctions, the prime minister said the European economy has also lost "40 billion euros (some 50 billion dollars) this year and is likely to lose 50 billion euros (60 billion dollars) next year."
"Therefore, sanctions are not beneficial for anyone, they are not necessary and would lead to nothing," Tass news agency quoted him as saying.
Medvedev said Russia will be able to fully give up unnecessary imports in the mid-term, especially those of foodstuffs.
"Sanctions provide opportunities for Russia to think about import substitution as well as the development of qualitative and competitive domestic products," he said.
Medvedev said the country's currency, ruble, has been excessively weak and undervalued due to falling oil prices and negative expectations amid western sanctions.
"I should say that in the long run, a considerably falling ruble exchange rate is obviously unprofitable for Russian economy...but a certain balance will be reached sooner or later," Medvedev said.
He called on Russian Central Bank and the government to monitor possible speculations on the currency markets and take corresponding measures if necessary.
Medvedev explained that a number of major companies have to accumulate rather than sell foreign currency to pay for currency debts and contracts.
Negotiations are being conducted to let these companies sell foreign exchange revenue at a more rhythmical pace in order to balance the exchange market, he said.
Meanwhile, he called on citizens not to hastily exchange their ruble savings for foreign currency, as it often results in loss of money.
"Naturally, I keep my savings in rubles and I receive my salary in rubles ... So in this sense, we are all in the same boat," Medvedev said.
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