Russia Faces ‘Very Deep Recession’: IIF

Russia Faces ‘Very Deep Recession’: IIF
A Russian ruble coin is pictured in front of the Kremlin in in central Moscow, on Nov. 6, 2014. Alexander Nemenov/AFP/Getty Images
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The Russian economy is on the brink of a financial crisis worse than the 2009 recession, warns the International Institute of Finance (IIF) in a new report (pdf).

The bombardment of economic and financial sanctions and the recent action to ban or curtail Russian oil imports could result in an economic contraction of -15 percent for the full year, down from the previous estimate of 3 percent, the association for the global financial services industry stated.

Andrew Moran
Andrew Moran
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Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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