The Russian N-Tech.Lab Company won the World Championship in Face Recognition titled ‘The MegaFace Benchmark’ organized by the University of Washington.

Domestic farms have been unable to replace most of the food placed under the embargo by Moscow in response to Western sanctions, according to a report by the Central Bank.

Russia’s Finance Minister urges caution going forward as oil prices continue to move along the downward path, stripping Russia’s budget of hundreds of millions of dollars.

Former Finance Minister has praised the decision by the Russian Central Bank to keep its benchmark rate unchanged. Alexey Kudrin said the decision was a ‘balanced’ move, according to Rambler News Service.

The Bank of Russia has decided to keep its benchmark rate unchanged at a policy meeting, citing higher inflation and slowdown risks on Friday, says a press release on the Central Bank’s website.

Due to the need to reduce the deficit, the Reserve Fund and the most part of the National Welfare Fund (NWF) will run low by the end of 2018.

Inflation in Russia may exceed the official forecast of 12.4 percent at the year end.

Fluctuations in oil prices will decrease in the second half of 2016, and oil quotations will return to positive dynamics. This opinion was expressed by the Minister of Economic Development of Russia Aleksei Ulyukayev.