MOSCOW (Sputnik) — The Russian economy’s environment remains challenging, although Russia’s dim economic forecast has not been accurate, Russian Central Bank Governor Elvira Nabiullina said Thursday.
"The situation in the Russian economy remains difficult, although the worst fears were not realized. The recession is not yet over, but the economy is already close to the point of stabilization," Nabiullina said during the Congress of the Association of Russian Banks.
The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis.
In February, Russian Economic Development Minister Alexei Ulyukayev said the country’s economy might see renewed growth in 2016.