"Sanctions were not as important as oil prices. The total effect can be estimated at 0.5 percentage points of economic growth lost because of sanctions, while 3 percentage points were lost due to a decline in oil prices," Dvorkovich said.
Earlier on Monday, the exchange rate of the Russian ruble has dipped to 79 rubles against the dollar and 86 rubles against the euro for the first time since December 2014.
Another reason for the slowdown of Russia’s oil-dependent economy was a global slump of prices due to the oversupply in the market, exacerbated by the Organization of the Petroleum Exporting Countries’ (OPEC) decision to keep its oil output at the same level.
In late November 2015, the International Monetary Fund (IMF) said Russia’s economic outlook had been improving, with the country’s economy heading toward stabilization.