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BREAKING NEWS

Russia counts the cost of taking over Crimea as GDP falls

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Russia counts the cost of taking over Crimea as GDP falls

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Russia’s economy has contracted by around two percent in the first quarter but Prime Minister Dmitry Medvedev says the economic situation is stabilising.

The Kremlin has blamed the losses, said to be around 25-billion euros, on sanctions its facing over its stance on Ukraine – that alone accounts for 1.5 percent of Russia’s GDP.

Moscow says that figure may increase over this year as Russia experiences its first recession since 2008 and is subject to further political and economic pressure.