16 April 2015, 09:08 GMT
MOSCOW (Sputnik) – Medvedev said that the pace of economic growth has slowed and “has crossed into the negative red zone.”
“Our economy has, however trivial this may sound, come under extreme pressing,” Medvedev said during an Economic Development Ministry meeting.
The prime minister added that "external conditions remain unfavorable" and there were no expectations they would improve in the near future.
The Russian economy came under increasing pressure last year amid plummeting oil prices and the Western sanctions imposed on Russia.
The Russian national currency, ruble, lost almost half of its value against the US dollar by December 2014, but it has since regained some ground.
The current exchange rate stands at around 52 rubles to one US dollar, as compared to some 36 rubles in August 2014.
