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

Russia's economy is “on the brink of going into a recession,” the country's economy minister said Thursday, according to Russian media reports. Economy Minister Maxim Reshetnikov delivered the warning at the St.