Gross domestic product fell by 0.2% in November compared to October. The ruble has lost more than a third of its value since early 2014, causing the worst monetary crisis in fifteen years in power of Vladimir Putin.
Officially, the government plans next year, a decrease of 0.8% of GDP.
"The number of players on the market dropped significantly with the announcement that the government was going to fight speculation. In this situation, the market exchange rate is determined by short-term factors and is extremely unpredictable. Today, for example, the currency fell 7% without there being any particular event to explain, "says Sergei Romanchuk of Metalinvestbank.
To keep the banks afloat, Prime Minister Dmitry Medvedev signed a decree to bail out banks up to the equivalent of fourteen billion.
"If you take into account the fall in oil prices, the impact of sanctions and the current political uncertainty in Russia, the forecasts are even worse than many fear," said Chris Beauchamp, a financial analyst at IG.
This monetary shock has already had an impact on inflation is expected to exceed 11% over the year, the highest level since 2009, which resulted in a sharp drop in consumption, hence the need for support measures.
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