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Today, during the big press-conference President V. Putin named external factors (in particular, a drop in global oil prices) behind the crisis phenomena in Russia in conditions of insufficient diversification of the Russian economy.

Yesterday the Bank of Russia published the December 2014 issue of its Monetary Policy Report, which contains a revised version of the 'stress scenario' for the development of Russia's economy, previously developed by the Bank's experts.

Last week, Fitch Ratings - a global rating agency - released to the mass media its forecast of the growth rate of Russia's national economy in 2015.

Today, the UNO released its Report World Economic Situation and Prospects 2015, where it is stated that in 2015 Russian economy will be faced with stagnation, while its growth rate is expected to be at the level of 0.2%. The UNO points to the current tense geopolitical situation as the main cause of such a pessimistic forecast.

At the Bank of Russia Board of Directors' meeting on 11 December 2014, it was decided that the key interest rate should be raised dramatically - by 100 basis points to 10.5%. As stated in the Bank of Russia's information notice, the toughening monetary policy is aimed at playing down the inflation and depreciation expectations, which have been becoming increasingly stronger over the last few weeks.

In the framework of his annual Address to the Federal Assembly, RF President Vladimir Putin set the goal of developing new technologies and competitive goods in Russia, as well as giving the country's industry a more solid foundation

On 3 December, the text of Federal Law, of 1 December 2014, No 384-FZ 'On the Federal Budget for 2015 and the Planning Period 2016-2017' was published on the Official Government Internet-Portal of Legal Information and on the website of the RF Ministry of Finance. Two days later, on 5 December, an annex to that law, titled 'The Citizen's Guide to the Federal Budget' , was published on the website of the RF Ministry of Finance.

In the course of his speech delivered at the Public Chamber on 8 December 2014, German Gref noted that irrespective of external conditions (primarily the economic sanctions introduced against Russia), the Russian economy could be expected to show negative growth in 2015, or zero growth at best.

In his annual Presidential Address to the Federal Assembly, delivered on 4 December 2014, Vladimir Putin asked the deputies 'not to delay their review of the law on priority development areas (PDA)'.

In his annual Presidential Address to the Federal Assembly, Vladimir Putin declared that the Russian authorities would take new steps towards 'de-offshorization' of the country's economy, including the launch of a full amnesty to capital returning to Russia.

In his annual Presidential Address to the Federal Assembly, RF President Vladimir Putin once again emphasized the crucial importance of import substitution as a means of increasing the competitive capacity of the Russian economy.

In his annual Presidential Address to the Federal Assembly, RF President Vladimir Putin said that the Russian economy should aim at achieving an above-average global growth rate which would, within the next three to four years, make it possible for Russia to escape from the 'trap of zero-level growth'.

The core fundamentals required for the efficient development of an economy are macroeconomic stability; a favorable business climate; an adequate quality of labor resources; and a proper legal and legislative basis.

On 2 December, the RF Ministry of Economic Development, represented by Deputy Minister Alexey Vedev, announced that it had revised its data on the results of Russia's economic development in 2014, as well as its forecast for the year 2015.

Last week, President Alexander Lukashenko made it known that Belarus did not like the restriction on the transit movement through Russia's territory of EU products with their final destination point in Kazakhstan or some other country, and the denial of entry into the Russian market for dozens of Belarusian meat and dairy companies.

On the basis of the results of 24 days in November, the consumer price index amounted to 1.0% (0.6% in general in November 2013). Till the end of the year, a growing pressure on the inflation rate will be exerted by Western sanctions against Russia and Russia' counter sanctions, as well as the continued depreciation of the ruble.