Economics ministry cuts its GDP growth forecast of 1.2% in 2015 to a 0.8% fall amid financial fallout over Ukraine and lower commodity prices
Russia will plunge into recession next year under the weight of lower oil prices and western sanctions over Ukraine, the economy ministry warned.
Gross domestic product is expected to shrink by 0.8%, a sharp reversal from the earlier official forecast of 1.2% growth for the year.