Russia Is Now In A Reecession

Bloomberg: Russian GDP Shrinks 4.6% as Oil Slump Risks Deeper Recession

Gross domestic product contracted 4.6 percent in the second quarter from a year earlier after a 2.2 percent decline in the previous three months, the Federal Statistics Service in Moscow said on Monday, citing preliminary data. That was worse than the median forecast for a 4.5 percent slump in a Bloomberg survey of 18 analysts. The Economy Ministry had projected that output shrank 4.4 percent in the period, calling it “the lowest point” for Russia.

The rout on commodities markets has overshadowed the first signs of stabilization in Russia by hammering the ruble and shaking a country that relies on oil and gas for about half of its budget revenue. The nation is enduring its first recession in six years after last year’s currency crisis and a surge in inflation eroded consumer buying power as sanctions over Ukraine choked access to capital markets.

Update #1: Russian Authorities Step in to Avert Ruble Slide -- WSJ
Update #2: Russia's economy is shriveling up -- Elena Holodny, Business Insider

WNU Editor: Russian President Putin has enjoyed high poll numbers among Russians for the past two years .... this economic news is going to change that .... not now and not for the rest of the year .... but if this recession continues into next year Putin will be under intense political pressure to resolve it.