Russian economy is affected by sanctions and declining oil prices, US says

According to US State Department spokesman Marie Harf, problems in the Russian economy are occurring due to low oil prices, poor management and Western sanctions.

"Two months ago, people said that the Russian economy is perfectly fine. And then for no reason their economy went into a deep downward spiral. This was due to low oil prices, poor management (from the Russian authorities), and our sanctions," Harf is quoted by RIA Novosti.

However, she stressed that the current situation around Ukraine "has a diplomatic solution." According to her, "the United States will impose extra costs on the Russian Federation." The Russian authorities "can take the price for their people, or take some diplomatic steps," Harf concluded.