Shuvalov compared the peak of the crisis in 2015 with the collapse of the Soviet Union


The Russian economy is poised for growth and the most difficult for her was the first quarter of 2015, said first Deputy Prime Minister Igor Shuvalov, speaking at the St. Petersburg international economic forum (SPIEF). He compared the situation beginning of last year, with the period of the collapse of the Soviet Union.

“We have experienced in January, February and March 2015, a point which was tougher in the economy than maybe it was before the collapse of the Soviet Union. But now we are on the threshold of growth. The Ministry of economic development reports that we are already in the third quarter to the second will observe the growth — significantly more growth in the fourth quarter relative to the third,” — said Shuvalov (quoted by “Interfax”).

According to him, after the imposition of sanctions in the summer of 2014 was the beginning of a very difficult period,” and “the most difficult period was in late 2014 — early 2015”. Then, as recalled Shuvalov, the impact of sanctions added “lowering the energy prices, free course — as a consequence we have introduced a free floating ruble, and a lot of things” (quoted by “RIA Novosti”). “Everything happened in a single moment, and we were told that there will be a collapse,” — said Shuvalov.

Now, in his opinion, Russia is on the threshold of growth.

In March 2014 referendum in Crimea, the vast majority of the participants voted for joining the Peninsula to Russia. Immediately after this was signed the Treaty on admitting Crimea and Sevastopol to Russia as subjects. Ukrainian authorities and Western countries have called the annexation of Crimea “annexation”.

The US and the EU after the annexation of Crimea has imposed against a number of Russians and Russian companies with sanctions, and later significantly expanded sanctions lists. In August of the same year, in response Russia imposed food embargo.