03:57 GMT +321 August 2017
Live
    Economic Development Minister Alexei Ulyukayev

    Minister Ulyukaev Says Recession in Russian Economy Over

    © Photo: Alexander Astafyev
    Russia
    Get short URL
    0 106881

    Russian Economic Development Minister Alexei Ulyukaev said that according to formal indicators, the recession in the Russian economy is over.

    MOSCOW (Sputnik) — Russian Economic Development Minister Alexei Ulyukaev said on Monday that the recession in the Russian economy has ended.

    "According to formal indicators, the recession in the Russian economy is over," Ulyukaev said at a meeting with the heads of EU diplomatic missions to Russia.

    "We see that inflation in Russia is cooling down, at the moment it is about 15 percent on a year-on-year basis, it will decrease to 12-14 percent by year's end, approximately to 12.6-12.7 percent," Ulyukaev added.

    "We see that inflation in Russia is cooling down, at the moment it is about 15 percent on a year-on-year basis, it will decrease to 12-14 percent by year's end, approximately to 12.6-12.7 percent," Ulyukaev added.

    In late 2014 and early 2015, the Russian economy underwent a slowdown caused by a sharp decline in global oil prices and, to a lesser extent, by Western sanctions imposed on Moscow over its alleged role in the internal Ukrainian conflict — a claim that the Kremlin has repeatedly denied.

    In January 2015, the Russian government presented an anti-crisis plan, stipulating spending cuts in an effort to balance the country’s budget.

    In spring 2015, the Russian ruble began to strengthen against the US dollar and the euro, while Russia's Finance Minister Anton Siluanov said that the lowest point in the recession had passed.

    Alexei Ulyukayev also stated that after holding talks with European Trade Commissioner Cecilia Malmstrom, Russia is expecting positive results from the trilateral ministerial meeting between Brussels, Kiev and Moscow on the Ukraine-EU economic association scheduled on December 1.

    "Today, three hours ago, I had a very positive telephone conversation with Mrs. Malmstrom… I expect positive results on Russia’s concerns from the December 1 ministerial meeting in Brussels on the economic part of the EU-Ukraine Association Agreement," Ulyukayev said during a meeting with heads of diplomatic missions of the bloc and Russia.

    The landmark association deal that seeks to create a free trade zone between Ukraine and the 28-nation bloc was reached by the sides in June 2014 and would go into force January 1, 2016.

    Russia, as Ukraine's biggest trading partner, has repeatedly insisted on being included in the negotiations over Ukraine's EU association, fearing the process could result in an uncontrolled flow of European goods into the Russian market.

    Russia is expected to ban agricultural and food imports from Ukraine if Kiev implements a free-trade zone with the European Union through the Association Agreement.

    Related:

    Ruble Almost in Balanced State - Russian Economic Develpment Minister
    Back With a Bang: Russia's Economy Attracts Investors Despite Recession
    Medvedev: Russian Economy Needs Aggressive Approach to Avoid Deep Recession
    Tags:
    recession, Alexei Ulyukayev, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment