Russian Prime Minister Dmitry Medvedev says his country is suffering significant economic problems because of international sanctions and things would likely get worse this year. Medvedev made the remarks while delivering his annual government work report to the Russian parliament.
"Losses from the restrictions are significant. We will not hide them. According to the estimates of some experts, Russia has suffered losses of 25 billion euros in total, which is 1.5 percent of gross domestic product. In 2015 it could increase several times," Medvedev said.
The prime minister said the economic woe was made worse by the collapse of international oil prices and a series of domestic problems. Russia's economy contracted about 2 percent in the first quarter, but Medvedev said that the situation could have been far worse and the country is adapting.