Economy Minister Maxim Reshetnikov said earlier during the St. Petersburg Economic Forum that the economy is “on the verge of going into a recession.”

President Vladimir Putin has praised Russia’s economic outlook, saying it has managed to curb inflation and ease its reliance on energy exports.

President Vladimir Putin has instructed Russian officials to prevent the economy from falling into recession, emphasizing the need for balanced growth with moderate inflation and low unemployment. Economy Minister Maxim Reshetnikov warned of the economy's vulnerability,