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Russia must get ready for longer sanctions, low commodity prices -Putin

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)