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Russian finance minister warns of severe recession next year

Sanctions deter foreign investment; slide in oil prices hits export revenues
Saturday, December 27, 2014 - 05:50
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MR SILUANOV: Says the economy could shrink by 4% in 2015 and Russia could run a budget deficit of 3% next year if the oil price does not rise.

Moscow

SLUMPING oil prices have put Russia's economy on course for a sharp recession next year, its finance minister said on Friday, as authorities scaled up the bailout of the first bank to succumb to the country's currency crisis.

Russia's economy is slowing sharply as Western