By NATALIYA VASILYEVA.-
Russian Prime Minister Dmitry Medvedev listens during a meeting with senior ruling United Russia Party officials in Moscow, Russia on Tuesday, Dec. 23, 2014.
Medvedev has warned that the country faces a risk of a "deep recession" if the government ditches its spending plans. Speaking at a meeting of his party, Medvedev said Tuesday that the government won't retreat from its strategic aims and social spending. Otherwise, he said Russia could plunge into a "deep recession."
He also said the Russian economy is in a worse place now than in the 2008 crisis because "a number of countries are effectively hampering the development of our economy."
The collapse of the Russian currency has led to increased mortgage payments for some ordinary Russians who are paying off loans based on foreign currency. Analysts predict that Russia will enter recession sometime next year as a result of declining energy prices and western sanctions against Moscow for its interference in eastern Ukraine.
Gazprom's production in 2014 to be 443-445 billion cubic meters, lowest in company's history
MOSCOW - Gazprom group's production of gas in 2014 will fall in comparison with 2013 by 9 percent to 443-445 billion cubic meters (bcm), calculations by Interfax based on operating data of the Central Dispatching Department of the Fuel and Energy Complex said.
Russia to spend several billions of dollars on import substitution in defense sector - official
MOSCOW - The Western sanctions and the severing of military-technological ties with Ukraine will cost the Russian defense sector several billions of dollars, in the words of Russian Military Industrial Commission Board Chairman Yuri Mikhailov.
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