Russian economy clings to growth next year, but faces medium-term risks because of weaker crude oil prices, the International Monetary Fund said. Photo by Denis Larkin/Shutterstock WASHINGTON, July 14 (UPI) — Russia’s economy returns to modest growth next year, but faces medium-term risks from volatility in crude oil prices, the International Monetary Fund said. An IMF assessment found the Russian economy contracted by 3.7 percent last year because of the collapse in crude oil prices. The economy remains in recession this year before growth resumes at an estimated 1 percent next year. “The Russian economy will need to adjust to the challenge of persistently lower oil prices by reducing its dependence on oil and energy exports over the medium term,” an IMF board assessment read. The Central Bank of Russia estimated second quarter gross domestic product could decline between 0.2 percent and 0.5 percent. With oil prices holding at […]