Falling oil prices, sanctions and collapsing rouble take toll, with GDP in November 0.5% lower than in same month year ago
The Russian economy has contracted for the first time in five years after falling oil prices and sanctions imposed by western governments began to take their toll.
The prospects for the country’s economy are expected to remain weak after President Vladimir Putin’s government revealed that GDP in November was 0.5% lower than in the same month a year ago.