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Russia's economy shrinks most since 2009

Jan. 25, 2016 4:21 AM ETRSX, RBL, ERUS, RSXJ, RUSL, RUSSBy: Yoel Minkoff, SA News Editor20 Comments
  • Russia’s economy contracted the most since 2009 last year as the price of oil sank and sanctions over the conflict in Ukraine curbed access to international financing.
  • According to preliminary estimates, gross domestic product fell 3.7% after growth of 0.6% in 2014.
  • "The economy’s going through big adjustments - it's still addicted to oil," said Vladimir Miklashevsky, a strategist at Danske Bank A/S. "The weak ruble and import substitution will continue to support local production, although...it's a long journey to recovery."
  • ETFs: RSX, RUSL, RUSS, ERUS, RSXJ, RBL

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