Moscow  - The world financial crisis has forced Russia's parliament, the Duma, to cancel its traditional caviar and champagne fuelled year-end reception, it was disclosed Monday.

The parliamentary leadership announced that the need to curb spending prohibited the usually lush affair for this year, which had been planned for December 26, the Interfax news agency reported.

Russia has been struck particularly hard by drastically falling commodities prices. Like many other states, Russia - after a decade- long economic boom - may be battling recession in 2009. (dpa)