Russia’s economy shrank by 4 percent year-on-year over the second quarter, according to data published by Russian federal statistics service Rosstat. The plunge, though significant in absolute terms, was not as drastic as expected by Russian and some Western observers. “June data suggests the contraction in the Russian economy seems to have bottomed out as the situation in some industries is stabilizing,” Sergey Konygin, an economist at Sinara Investment Bank, told Reuters.
