The inflation rate is expected to be around 11-12 percent in 2015, and then it will drop to 6-7 percent next year, according to Russian Minister of Finance Anton Siluanov.

Russian space projects have risen in price on average by 27 percent because of the current difficult economic situation, Yury Koptev, a representative of the Russian Space Agency Roscosmos said on Tuesday.

Russia's National Payment Card System (NPCS) will begin producing its own cards in December 2015 and then will make them co-badged with Visa and MasterCard in 2016.

Gazprom is reported to replace its auditor in 2015, according to the news agency Interfax.

The Russian government expects the national currency to strengthen in the next six months.

Russia’s international reserves have decreased by $ 5 billion – down to $ 351.7 billion - for the week.

The German Adidas will close about 200 stores in Russia this year. But at the same time the company plans to open about 100 new stores in the Russian Federation.

The Central Bank has revoked the license from Delta Key, a non-banking credit institution, that has been suspected of laundering illegal gains

The trade turnover between Russia and China is set to total $100 billion this year, according to the Chinese Foreign Minister.

The Kremlin has announced a 10 percent cut in salaries for top officials including the president and the premier.