Russia sees recession if oil declines to US$60 a barrel

Singapore

RUSSIA'S economy will sink into a recession next year if the price of oil slumps to US$60 a barrel and the United States and its allies tighten sanctions over the conflict in Ukraine, Finance Minister Anton Siluanov said.

The economy of the world's largest energy exporter won't grow faster than one per cent in 2015 even if oil prices hold steady and the severity of sanctions remains unchanged, Mr Siluanov said in an interview in Singapore on Monday. The price of Brent has slumped by almost a third this year to below US$80 a barrel.