Russia’s anticipated economic recovery was delayed. In 2015 the Russian economy began its difficult adjustment to the severe global oil-price shock and the imposition of economic sanctions in 2014. The impact of these twin shocks drove Russia’s economy in to a deep recession, which reached its nadir in the second quarter of 2015. Following a brief rally early in the year, a further decline in global oil prices in August 2015 derailed an anticipated...
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