Hans, BirgitBaffes, JohnEmelyanova, OlgaUlatov, SergeiVashakmadze, Ekaterine2015-10-082015-10-082015-07-01https://hdl.handle.net/10986/22754In June, the European Council extended EU economic sanctions against Russia for another six months while Russia extended its food import ban against Western countries for a year. A fluid situation on global financial markets and yet again lower growth prospects led to oil prices losing ground in early July. Ruble depreciation pressure remained throughout June as demand for foreign currency increased while supply declined slightly due to lower oil prices. Russia’s first quarter GDP growth was revised from -1.9 to -2.2 percent−still slightly less than projected earlier−while May high frequency statistics show a deepening recession. On June 25, the government approved the main parameters for the 2016–2018 budgets, foreseeing persistent deficits and evaporating fiscal buffers despite significant expenditure cuts.en-USCC BY 3.0 IGOTARIFFSDEFICITRISKSBUFFERSBASIS POINTSEQUIPMENTOIL PRICELONG-TERM INTERESTSTOCKDEFLATIONINCOMEINTERESTDEPRECIATIONIMPORTINFLATION RISKEXCHANGEREMITTANCESUPPLIESECONOMIC DEVELOPMENTSBANKING SYSTEMEXPORTERSRECESSIONREVENUESFISCAL POLICYFINANCIAL STRESSCAPITAL ADEQUACYOIL REVENUESSLOWDOWNPRICEREAL INCOMERETAIL TRADENON-PERFORMING LOANSPAYMENTSRESERVEINFLATIONDEVELOPING COUNTRYRETAILBUDGETCENTRAL BANKOIL PRICESCURRENCYEXPORT GROWTHINCOME GROWTHCREDIT RISKSINTEREST RATESDEBTMARKETSSOVEREIGN RATINGDEFICITSBUDGET DEFICITIMPORTSLOANSGLOBAL FINANCIAL MARKETSINVENTORIESRESERVESUTILITYCONSUMER DEMANDFOREIGN CURRENCYEXPENDITUREINVESTORSNATIONAL SECURITYOIL SUPPLIESCONSUMPTIONDEBT PAYMENTSINVESTMENT GOODSOIL MARKETWAGESGLOBAL MARKETFUTUREPENSIONSFEDERAL BUDGETCREDITFIXED INVESTMENTBUDGETSDEMANDEXCHANGESLONG-TERM INTEREST RATESEXTERNAL DEBT PAYMENTSCONSUMER PRICEEXPENDITURESECONOMYINCOMESASSETSMARKETFOREIGN EXCHANGEOUTPUTDOMESTIC DEMANDTRADECORE INFLATIONGDPGOODSGLOBAL TRADESECURITYOIL EXPORTERSINVESTMENTFEDERAL BUDGET DEFICITRISKSHAREQUOTAFINANCIAL MARKETSSUPPLYBANKINGUNCERTAINTYREVENUEEXTERNAL DEBTCONSUMER PRICE INDEXCREDIT GROWTHEXCHANGE RATEFOOD PRICESCURRENCY SUPPLYPROFITSPRICE INDEXCOMMODITYGLOBAL ECONOMIC PROSPECTSPRICESRussia Monthly Economic Developments, July 2015BriefWorld Bank10.1596/22754