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Russia Feeling The Pinch of Cheaper Oil, Sanctions

August 6, 2015

Checking pipelines for cracks in Siberia: Falling oil prices are putting added pressure on Russia’s economy (photo: Jerome Levitch/Corbis)

Russia is now likely in recession with GDP growth expected to decline 3.4 percent this year, says the IMF in its annual economic assessment. Mission Chief Ernesto Ramirez Rigo, explains how Russia’s economic woes are largely due to the dramatic drop in oil prices, and sanctions in response to developments in Crimea and Ukraine.

Ernesto Ramirez Rigo: IMF Mission Chief for Russia