Russian economy to enter recession in 2015

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The Russian Ministry for Economy has downgraded its forecast for the next year, GDP is now set to shrink by -0.8%, compared to an earlier forecast of 1.2% growth.

The Russian economy has been hit by economic sanctions and falling oil prices. The Ruble fell by 2.41% upon publication of the news, the currency has been on a downward trajectory for the past five months.

The Russian Ministry for Economy also adjusted its forecast for the persistence of Western Sanctions, it previously anticipated them to until mid-2015, sanctions are now expected to last into 2016.

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