The Moscow BVA Bank and Bank T, as well and Derbent PrestizhKreditBank stopped operating from November 26.

“Rosneft” has reduced oil production by 25 thousand barrels per day. Reduction of the volume of oil extracted by the company is explained by the need to improve the efficiency of production, as well as the situation on the market which is due to the fall in oil prices.

Russia must introduce a moratorium on tax raises, create thousands of SMEs and stimulate mortgage loans to kick-start the economy and avoid a repeat of the 2008-2009 crisis.

Russia is facing a systemic crisis that is destined to change the economic model and the relationship between the state and the public, says a think tank led by former finance minister Alexey Kudrin.

The monthly average pay for civil servants has edged up 18.3 percent year on year, totaling 96,500 roubles.

Russian billionaire’s stake in China’s Alibaba Group yielded a 500 percent return, CNBC quoted Alisher Usmanov as saying.

Russia’s GDP is expected to go into the red zone next year, says Andrey Klepach, former deputy economic development minister, deputy chairman of the Vnesheconombank.

VTB Group’s president voiced concerns that the US is pressuring Chinese and Arab banks into denying loans to Russian institutions.

The project to domestically produce a limo for the president is moving forward as the government is ready to splurge another 8 billion roubles.

The Russian oil giant Rosneft said Tuesday it had cut its output by 25,000 barrels a day over falling oil prices. The crude price collapsed by almost a third since June.