The Russian economy contracted by 0.5% in November, the first decline in GDP since October 2009.

The Russian government forecast a decline of 0.8% of GDP next year, compared with 0.6% GDP growth in 2014 as a whole.

Ruble fell to a level of 57 to the US dollar on Monday, a decline of over 6% after it had increased last week.

The Russian economy is highly dependent on energy exports hit by the drop in oil prices and a number of sanctions western countries.

Sanctions imposed because of Russian support for separatists in eastern Ukraine, targeting the oil and gas industry in addition to a number of banks, gun makers and wealthy elite group near predictably President Vladimir Putin.

Russia blocked the majority of food imports from the West to reply to this policy. Ruble lost half its value against the dollar this year.

Ministry of economic development of Russia claimed the manufacturing, construction, agriculture and services contracted in November. While mining, energy and retail trade continued to show growth.

Source: BBC