MOSCOW: Prime Minister Dmitry Medvedev said Tuesday that the Russian economy likely shrank by two percent in the first three months of the year due to sanctions pressure and low oil prices.
That would be the first quarterly contraction since 2009 if confirmed, and Medvedev warned lawmakers the situation could worsen further still, in contrast to President Vladimir Putin saying last week that the worst of the economic crisis had passed.
“Negative trends continue this year” following the crisis of the ruble national currency in late 2014, said Medvedev while presenting a government report to parliament.
