Russia: One of 10 worst economies in 2015
Official data published Monday confirmed that its economy shrank by 3.7% in 2015, putting it deep into recession and making it one of the world’s 10 worst performing emerging markets for the year.
Russia has been slammed by the collapse in oil prices since the middle of 2014, and by Western sanctions imposed the same year because of its support for separatist forces in Ukraine.
Russian official: Some things matter more than money
Its currency has collapsed to a record low against the U.S. dollar, driving up inflation and impoverishing millions.
President Vladimir Putin and his government have been forced to make deep cuts to public spending as oil and gas revenues have plunged.
One of only two European nations on the list, the other being Ukraine.