Russia’s economy shrank by 4.6 percent in the second quarter of 2015 compared to the same period last year according to the country’s official statistics office Rosstat. This represents a contraction of more than twice the size of the one reported for the first quarter of 2015 (2.2 percent) and marks Russia’s worst recession since the 2009 financial crisis.
Russia’s economy is currently struggling due to a combination of factors including U.S. and EU trade sanctions imposed because of the ongoing Ukraine conflict, Russia’s own import sanctions on European food imports and the drop in price of the country’s vital export—oil. …read more
Source: Newsweek
