Russia’s economy is entering a period of prolonged retraction because of the dual strains of sanctions and weak crude oil markets, the Economy Ministry said. A forecast for 2015 by the Russian Economy Ministry expects export revenues to decline as Russian energy products wane from the world market. “Gross domestic product is expected to contract by 3 percent amid persistently strong geopolitical risks and the presumption that average annual oil prices will equal $50 per barrel,” the document, released Monday, said. “Forecasts show that the Russian economy will enter a phase of a prolonged decline in 2015.” Russia’s currency, the ruble, is contracting as the economy weakens. The ruble was trading near 63 to the U.S. dollar, close to a historic low. In December, the World Bank said […]