Bank of Russia sees sanctions remaining until end of 2017

Moscow

THE Russian central bank said on Monday that it expects zero economic growth in 2015 and only 0.1 per cent growth in 2016, in a three-year monetary policy strategy that anticipates Western sanctions against Russia will remain until the end of 2017.

The gloomy forecasts underscore the damaging impact that two major external shocks, falling oil prices and Western financial sanctions imposed over the Ukraine crisis, are set to have on the Russian economy in the years to come.