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Medvedev Says Russia Faces Risk Of 'Deep Recession'


Prime Minister Dmitry Medvedev has warned that Russia's economy faces a risk of a "deep recession" if the government abandons its spending plans.

Medvedev said on December 23 the government won't retreat from its strategic aims and social spending.

Low oil prices have hit Russia's energy-dependent economy, and the ruble has fallen sharply this year.

Medvedev told a meeting of the ruling United Russia party, which he heads, that the economy in worse condition than during the 2008 financial crisis.

He put much of the blame on others.

"The situation is … more complicated now because back then we were emerging from a deep crisis along with the rest of the world, but now a number of countries are essentially hampering the development of our economy," he said.

The United States and EU have slapped sanctions on Russia over its support of separatists in eastern Ukraine and the annexation of Crimea.

Based on reporting by AP, Reuters, and mk.ru

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