Russia says it's likely to deplete one of its two rainy day funds by the end of next year as tries to plug the state deficit amid the economic downturn.

The economy, battered by low energy prices and Western sanctions, entered recession this year for the first time since 2009.

Finance Minister Anton Siluanov told the parliament Tuesday that the Reserve Fund, which holds 4.7 trillion rubles ($74 billion), is likely to halve by the end of the year with oil prices as low as they are — and be depleted by the end of 2016.

The other fund, now at $4.9 trillion rubles, is largely used to support infrastructure projects.

The Russian economy is forecast to contract by 3.9 percent this year and grow by 0.7 percent next year.