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Russia warns of recession next year

Last Updated: Tuesday, December 2, 2014, 20:20

The forecast released by the economic development ministry Tuesday was the first acknowledgement that the Russian economy will contract in 2015.

Russian economy to shrink 0.8% in 2015: economy ministry

Last Updated: Tuesday, December 2, 2014, 18:17

The Russian economy ministry slashed its economic forecast for 2015, announcing a contraction of 0.8 percent due to the pressure of Western sanctions over the Ukraine crisis and falling oil prices.