Russia has promised government spending cuts but more money for retirees and billions of dollars worth of support for banks as part of a plan to support an economy battered by low oil prices and sanctions.

The plan, published on the government's website on Wednesday, foresees a 10 per cent reduction in "most categories of budget spending" but, increases on welfare, which was the cornerstone of President Vladimir Putin's election campaign in 2012.

The measures will help the economy "adapt to new conditions" in a situation when Western sanctions over Ukraine and tumbling oil prices have already cost it $US200 billion ($A252 billion), Finance Minister Anton Siluanov told Russian senators while presenting the plan.

"The effect of external shocks on the credit balance is about $US200 billion," he said, adding that most analysts "believe that this situation will continue long-term".

Speaking at Russia's audit chamber, Putin said anti-crisis measures should not just "throw money at various industries" from national reserves and not let welfare funding "spread over everybody".

Economy Minister Alexei Ulyukayev said he expected a 2015 fall in consumer demand by up to nine per cent and in investment by "double digits," according to Russian agencies.

Real wages, real income, retail sales and services are all falling, he said.

"We haven't seen this in 15 years, it is a huge challenge considering the rise in debts of households," said Ulyukayev.

Under the crisis plan, pensions will be increased by 11.4 per cent next month at the cost of 188 billion roubles ($A3.53 billion) - to help out the poorest Russians.

Defence spending is not subject to any austerity measures, according to the plan, and defence industries will get extra money to replace sanctioned imports, it said.

The agriculture sector will also get an additional 50 billion roubles ($A932 million) in a bid to boost local production to make up for shortages caused by Moscow's embargoes of Western products over the Ukraine crisis.