WRAPUP 1-Russia looks to reserves for budget cash, stocks fall

* Finance Minister Kudrin says crisis to last another year

* Russian stocks trading suspended after fall

* Central bank defends rouble at new support level

By Toni Vorobyova and Melissa Akin

MOSCOW, Nov 12 (Reuters) - Russia's financial crisis will last at least another year and the government will have to dip into reserves to plug gaps in next year's budget if oil prices remain low, Finance Minister Alexei Kudrin said on Wednesday. His comments came as stock markets slumped, and dealers estimated the central bank had spent $2-3 billion to support the rouble around the 30.70 mark versus a euro-dollar basket -- seen as the central bank's new support level RUS=MCX.

There were also signs that some banks were delaying withdrawals and state bank VEB said companies and banks had asked for 50 percent more in aid on foreign debt refinancing than allocated for the purpose.

"You will see more support measures for the economy this week. I think we will need to work hard for at least another year," Kudrin told the upper house of parliament.

"The Finance Ministry has been put into army barracks regime, and the central bank is working until 2 a.m., reacting to everything," he added.

As a resource-dependent economy and the world's number two oil exporter, Russia is taking a tough hit from the global slowdown.

Raspadskaya (RASP.MM), Russia's second-largest producer of coal for the steel industry, said on Wednesday fourth-quarter sales would reach only one-third of planned volumes after steel makers slashed orders [ID:nLC725051].

"Developed countries will have falls in GDP...which means that demand for Russian exports will be significantly lower. We are already feeling this in the fourth quarter," Kudrin said.

The global crisis has accelerated the flight of investor capital from Russia, adding to outflows kick-started in the summer by high-profile corporate wrangles and war with Georgia.

The cost of insuring Russian debt against restructuring or default rose to 788 basis points in the five-year credit default swap market from 614 on Tuesday, according to specialist CDS monitor CMA Datavision.

SENTIMENT "RELENTLESSLY NEGATIVE"