AT THE END OF 2014

many people were writing Russia off. Following the Ukrainian war and the annexation of the Crimea, sanctions were imposed by the West, the Russian economy was in decline and the country was politically isolated. The fall in oil prices was a further blow to the economy, creating new difficulties, pushing inflation skywards and forcing the Russian central bank into piling its reserves into propping up the Rouble. Many experts projected an early collapse, though that did not come. Although the oil prices did not increase very much, the Russian economy recovered and, in the changing international climate, the country’s political isolation was eased significantly.
The Russian economy has begun to recover from almost two years of recession; though there is still extensive poverty in the country.

 

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