Finance Ministry says no recession in Russian economy

No recession is currently in Russia, Finance Minister Anton Siluanov said on the air with RT International.

"We have no recession, I can assure you. We have cooling of the economy, a planned cooling of the economy. Because by heating certain industries, we saw acceleration of inflation," Anton Siluanov said.

According to him, the Russian Finance Ministry took measures together with the Central Bank for the planned cooldown of the economy.

The minister added that the business has "the appetite" appeared for new investments and Russia will gradually withdraw from lower economic development rates.