(MENAFN) Russia's economy is facing heavy consequences of the economic turmoil of deep recession, rapid increase of prices and a fragile banking system, The Peninsula Qatar reported.
For most Russians, the week ended with relief: after trading at unbelievable levels of 80 to the dollar and 100 to the euro, the ruble appears to have stabilized at around 60 and 73, respectively.
A double whammy of Western sanctions over Ukraine and decreasing oil prices finally caught up with the country that depends on energy exports for half of government revenue.
"The trend of the economy in the next six months is certainly going to be much worse. Confidence is shaken in the central bank, in the currency, in the direction of the economy," an analyst said.
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