Kremlin Admits It Will Hit Recession Next Year Due to Oil and Ukraine

The Kremlin has publicly admitted that the country will fall into a recession next year as it suffers from a plunge in the price of oil exports.

Russia’s economy has been damaged by low oil prices, a key export and the backbone of the state budget, as well as Western sanctions over its role in eastern Ukraine. The sanctions are hurting Russian banks and investment sentiment is down. The national currency, the ruble, has dropped by more than 40 per cent this year, raising concerns of a spike in inflation that can hurt spending.

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