The Russian government owns 69.5 percent of Rosneft’s shares.

“We are primarily talking about Rosneft’s portfolio of 19.5 percent that was to be sold several years ago,” Siluanov told the “Vesti v Subbotu” news program broadcast on the Rossiya network.

He stressed that the cabinet must take into account the current realities of dropping oil prices and limited room for maneuver in going forward.

“Therefore, in order not to increase the budget imbalance and large deficits, in order not to eat through all our reserves, we have to decide now about where to take the money,” Siluanov said.

The minister added that “a number of decisions about how to proceed in changed circumstances” are on the table after the cabinet met to discuss the economic outlook this year.

The Finance Ministry was given a Friday deadline to submit a plan to cut state expenditures by 10 percent as Prime Minister Dmitry Medvedev said Russia’s 2016 budget needs substantial cuts.