The raft of activity data from Russia for November contains some signs that investment has started to weaken but in general the picture is still of an economy that is stagnating rather than collapsing. The key point however is that that these data predate the recent collapse in the ruble. The full effect of the recent events on the Russian economy will only start to show up in activity data next year, but the short point is that Russia is heading for a deep recession in 2015.
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