Russia Monthly Economic Developments

January 19, 2016

  • Oil prices dropped below US$30 per barrel in mid-January 2016, amid stagnant demand and ample supply.
  • The ruble exchange rate hit new record lows as oil prices continued to slide.
  • Sanctions against Turkey came into effect on January 1, 2016. In late December, Russia and Ukraine suspended their free trade regime.
  • Unemployment rose in November 2015 while real wages and incomes continued to decline.
  • In November, the contraction of output and services continued with businesses and consumers showing negative sentiments.
  • Despite stable macro prudential and risk indicators for the banking sector, credit growth slowed further in November.


Birgit Hansl

Program Leader and Lead Economist for the Russian Federation