MOSCOW, Dec 3 (Reuters) - Russia should brace itself up for a possibly long period of low commodity prices and foreign sanctions, Vladimir Putin said on Thursday, while urging the government to tighten its budget policy and improve the oil-rich nation's business climate.
Delivering a state of the nation address, Putin said that Russia's economic situation was "difficult but not critical". He said however that some industries, including construction, car-making and light industry, were in "the risk zone".
The deficit of the federal budget for 2016 should not exceed 3 percent of gross domestic product, Putin said. He said that at the same time tax terms for local businesses should not change.
(Reporting by Christian Lowe and Dmitry Solovyov; Editing by Maria Kiselyova)