The Russian economy slipped 4.1 percent during the third quarter as against the drop of 4.6 percent in the second quarter. The consecutive third quarter of contraction signals recessionary situation in the Russian economy.
Dmitry Medvedev
Breaking News
Russia's economy is at risk of entering a period of deep recession, Russian Prime Minister Dmitry Medvedev was quoted by RIA Novosti news agency as saying.
The Kremlin's prized oil firm Rosneft is cutting staff and production and selling stakes in Siberian fields in the strongest evidence to date that Western sanctions are hurting what was the world's fastest growing oil firm in recent years.
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