By Darya Korsunskaya and Vladimir Abramov
MOSCOW, Dec 26 (Reuters) – Slumping oil prices have put Russia’s economy on course for a sharp recession and double-digit inflation next year, government ministers said on Friday, as authorities scaled up a bailout for the first bank to succumb to this month’s rouble crisis.
The economy is slowing sharply as Western sanctions over the Ukraine crisis deter foreign investment and spur capital flight, and as a slump in oil prices severely reduces Russia’s export revenues and pummels the rouble.
The government has taken steps to support key banks and address the deepening currency crisis in the …read more
Source: The Huffington Post
