The situation with the economy remains difficult, the situation of foreign markets for Russia is unfavorable, Russian Prime Minister Dmitry Medvedev said, Tass reported. “It is necessary to understand that in general we have a quite difficult situation with the economy. The situation on external markets remains completely unfavorable. To speak about financial markets, they are closed,” Medvedev said at a meeting with the leadership of the United Russia party. The prime minister said: “Trade markets are also restricted, both on one or the other side, the sanctions regime and responsive measures, which were introduced according to a presidential order and a government decision, are continuing to operate.” “There is a whole number of domestic and structural challenges. Therefore we understand that the budget process this year will be very, very complicated,” the prime minister said. For over a year, Russia has been feeling the economic impact of a falling ruble, collapsing world energy prices, and western sanctions. For Russian citizens, the downturn translates into a soaring cost of living that requires major adjustments at work and at home.
