Falling oil prices and global sanctions are pushing Russia’s economy into recession. On Tuesday in Moscow, the Ministry of Economic Development predicted the economy would shrink 0.8 percent next year, instead of growing by a previously estimated 1.2 percent. Oil and natural gas make up about 60 percent of Russia’s export earnings, and the price of crude is off by a third since June. So far this year, the ruble has fallen 40 percent against the dollar.
Read it at The New York Times
