Russia is facing a “full-blown economic crisis”, a former finance minister has warned, as the country is forced to take emergency financial measures.
The economy has been battered by a wave of sanctions as a result of tensions over Ukraine, geopolitical uncertainty, and falling oil prices.
Alexei Kudrin, a former finance minister and once considered an ally of President Vladimir Putin, said: “Today I can say that we have entered or are currently entering a full-blown economic crisis. Next year we will feel it in full force.”
Analysts have warned that the Russian economy will not improve in the long-term unless either the oil price or relations over Ukraine improve.