Medvedev: Russia’s Economy Must Prepare for Worst-Case Scenario from Voice of America
"Russian Prime Minister Dmitry Medvedev said the Russian economy is looking better than one year ago but must prepare for the worst-case scenario as it continues to suffer from low oil prices and the impact of Western sanctions. ... Russia’s economy contracted 3.8 percent last year as oil, its major export, dropped in price by 70 percent to $30 a barrel. Western sanctions against Russia, because of its 2014 annexation of Crimea and continued military backing for rebels in eastern Ukraine, cut off its banks from international credit. The value of the ruble has dropped from a high of 30 to the dollar to around 75."