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Russia PM estimates economy shrank by 2% in first quarter

Russian Prime Minister Dmitry Medvedev speaks in the lower house of Russia's parliament, the State Duma, in Moscow on April 21, 2015Prime Minister Dmitry Medvedev on Tuesday estimated that the Russian economy shrank by two percent in the first quarter due to sanctions pressure and low oil prices. Medvedev warned lawmakers the situation could worsen further, in contrast to President Vladimir Putin, who said last week the worst of the economic crisis had passed. Prices of food skyrocketed, exacerbated by Russia’s embargo on food imports from the European Union. Russia’s central bank predicted the economy could shrink by as much as four percent in 2015 if oil remains around $50 per barrel.

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