Russia’s battered currency fell sharply on Monday after a government report showed the economy shrank in November, and predicted a four percent decline next year.
At one point Monday, the Russian ruble was off six percent, trading around 56 to the dollar.
It is the first time the economy has declined since 2009, and follows sharply falling prices for Russia’s key crude oil exports. The slide on the oil market accelerated this month after the exporters’ group OPEC refused to cut output, and prices are down almost 50 percent from a peak in June.
The economy has also been damaged by sanctions related …read more
Source: Voice of America
