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Russian economy overcomes recession despite sanctions

Russian economy overcomes recession despite sanctions

HAMBURG: The Russian economy managed to overcome recession despite Western sanctions and Russia sees economic growth during the last four quarters, Minister of Economic Development Maxim Oreshkin told reporters on Friday. “We expect this trend will continue,” Oreshkin said. Russia’s economic growth was 3.1% in May 2017, he added.

Volatility in oil prices will continue affecting the national economy but not to a significant extent, the minister said. “Oil prices volatility will definitely continue influencing on the Russian economy in the current situation but not strongly,” Oreshkin said. Brent oil prices declined by 18.4% from the year start to $46.35 per barrel.