Russia has removed the annual budget address of President Vladimir Putin and that the speech will be combined with the state-of-the-union address usually given every December, based on documents published on Monday.

Putin's spokesman, Dmitry Peskov, has confirmed the news and that the combining of the two annual speeches is due to the intensifying pressure that Russia is facing in terms of economy.

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Russia's economy is taking its turn for the worse from the past months as it is reportedly close to recession. The International Monetary Fund predicted that the economic growth for this year was just at 0.2 percent ang that the price of oil has fallen by US$10 a barrel since last month.

The inflation for the month of September was also at its highest for the past three years and that the capital loss for 2014 might reach over US$100 billion. The ruble is also at its lowest value, losing over 20 percent against the dollar ever since January this year.

The results of these problems might result in Russia's biggest companies such as the oil giant Rosneft, the national transporter Aeroflot and the state development bank Vnesheconombank pulling out.

According to critics, the problems being faced by Russia was due to Putin having associations with some of the tyrants and being a growing power that has threatened the international community. First was the seizure of Crimea in March and the ongoing support of Russian military troops over the separatists in Ukraine.

Putin appeared nonchalant about the growing economic problems of Russia in the past months. However, the cancellation of the speech for the annual budget address shows that the woes are now closing in.

The annual budget address started back in 1990 and is already a fixture in the Russian political calendar, as it has been the president's way to address the social and economic policies for the coming year.

The address is used by ministers as basis for their decisions regarding financial-related situations.

Tagsbudget address, economic problems, Russia