Russia: Recession has deepened amid continued high RUB volatility

Four-fold crisis: politics, confidence, oil revenues and currency. Sharp contraction in Q2, more to come and currency risk to continue. Inflation to remain in double-digits while the banking sector remains fragile. While sovereign default is unlikely in 2015, capital flight weakens external position

Russia: Recession has deepened amid continued high RUB volatility - Report

Russia-country-report-Sep15.pdf

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