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Russia faces extended recession if oil prices fail to recover

Government has already cut budget outlays by 10 per cent and dipped into one of its sovereign wealth funds

A currency exchange in Moscow. Rouble is the second worst performer among 24 emerging-market currencies last month.


FOR an economy that lives and dies by crude prices, the latest downturn in the world oil market means Russia's recession may stretch into next year for the longest slump in two decades.

Russia's first economic slump since 2009 looked like it would plateau as oil gained 40...