The Russian government has set aside 135 billion roubles (NZ$2.6 billion) to help the real economy in a draft anti-crisis plan, senior officials have revealed, and may use a separate 340 billion rouble cushion to dampen social discontent.

Battered by low oil prices, Western sanctions and a falling rouble, Russia is torn between the need to support its shrinking economy and its desire to preserve funds to help it navigate one of its worst downturns since Vladimir Putin came to power.

Two senior officials on Sunday told Reuters news agency - on condition of anonymity - that an anti-crisis plan had been drawn up which earmarked 135 billion roubles to help parts of the real economy.

The funds were drawn from unspent budget money from 2015, they said.

The railway and agricultural machinery industries and the consumer goods manufacturing and construction sectors would receive some of the funds, one of the sources said.

Russia's car industry has already been promised 50 billion of the 135 billion roubles, the other source said.

The finance ministry, which controls the anti-crisis fund, is against spending all the money, one of the senior officials said.

A final decision on which sectors will benefit and by how much had yet to be agreed.
Most of the aid will be in the form of subsidies and state guarantees to share the risk with banks and reduce borrowing costs.

"Our revenues have fallen because of recent events on the oil market, not grown, so why should we discuss an increase in spending?" one of the sources said.

The finance ministry declined to comment.

Parts of Russian industry have struggled to get bank loans because the banking sector itself is not able to access Western finance due to sanctions related to the Ukraine crisis.

One of the sources said funding for the anti-crisis package could, if necessary, be increased thanks to 340 billion roubles in funds accrued from freezing pension transfers.
The likelihood of that happening was "very low" however, the source said.

Several economic advisers to Putin say his preference is to preserve the country's reserves even if that means economic growth suffers.