Russia expecting to sink into recession

Author (Corporate)
Series Title
Series Details 02.12.14
Publication Date 02/12/2014
Content Type

Russia's deputy minister of economic development Alexei Vedev announced on 2 December 2014 that the country would fall into recession in 2015 due to low oil prices, massive capital outflows and also the impact of West-imposed sanctions.

Mr Vedev went on to say that Russian's rouble would keep its fragile condition as a result of the poor economic performance. On the previous day, Russia’s central bank was forced to abandon its hands-off policy towards the rouble amid heavy selling, unmatched since the Russian debt default of 1998.

Russia's Central Bank said on 4 December 2014 that it was prepared to spend an unlimited amount of money on defending the Russian currency.

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Related Links
ESO: Background information: Russia releases rouble’s market constraints http://www.europeansources.info/record/russia-releases-roubles-market-constraints/
BBC News, 02.12.14: Russia warns of recession in 2015 http://www.bbc.co.uk/news/business-30288739
The Guardian, 01.12.14: Russia intervenes as crumbling rouble echoes 1998 debt crisis http://www.theguardian.com/business/2014/dec/01/russian-intervenes-central-bank-rouble-crumbles
Deutsche Welle, 01.12.14: Low oil prices send Russia's ruble spiraling http://dw.de/p/1Dxkb
BBC News, 27.11.14: Russian oil industry facing deep freeze http://www.bbc.co.uk/news/world-europe-30217070
BBC News, 03.12.14: Rouble sinks to new lows as Russia's problems mount http://www.bbc.co.uk/news/business-30306267
The New York Times, 02.12.14: With Russia on Brink of Recession, Putin Faces ‘New Reality’ http://www.nytimes.com/2014/12/03/business/russia-forecasts-a-recession-in-2015-signaling-a-toll-from-sanctions-and-oil-prices.html
The Guardian, 02.12.14: Russia to fall into recession amid sanctions and plunging oil price http://www.theguardian.com/world/2014/dec/02/russia-warns-fall-into-recession-2015-sanctions-oil-price
The Moscow Times, 04.12.14: Russian Central Bank Says Willing to Spend Unlimited Amounts on Ruble's Defense http://www.themoscowtimes.com/article/512570.html

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