Ukraine-Russia war latest: Kremlin says Russia on the verge of recession as Putin prepares to address economic forum
The Russian economy is “on the verge” of recession, the country’s economy minister has warned, as President Vladimir Putin prepared to address an event aimed at attracting international investment.
Maxim Reshetnikov told the St Petersburg economic forum that “current business sentiment and indicators” pointed towards an economic contraction, adding that “everything else depends on our decisions”.
He urged the central bank to support the economy when it comes to monetary policy as the Kremlin said that the current key interest rate – of 20% – was putting a break on the economy even though that was a conscious decision.
Mr Putin will deliver a speech about the situation in politics and economy at the event on Friday afternoon, according to state-run news agency TASS.
His comments came as one person died and 14 were left wounded after a Russian drone attack hit several high-rise apartment blocks in the Ukrainian port city of Odesa.
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