A man walks past a board listing foreign currency rates in comparison with the Russian ruble, outside an exchange office in Moscow on August 24, 2015.AFP PHOTO / ALEXANDER NEMENOV
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Russia lowered its economic forecasts for this year and the next as a renewed plunge in energy prices sank the ruble and sanctions over Ukraine looked set to persist.Russia, mired in its first recession in six years, is battling a new wave of oil-price weakness that's sent the ruble to its lowest level against the dollar in seven months.With oil languishing near a six-year low, the ruble is the world's worst-performing currency in the past 12 months, dropping 48 percent, Bloomberg data show.The Bank of Russia said that in a stress-case scenario, with Urals reaching $40 a barrel in the fourth quarter and remaining close to that level through 2018, Russia's recession will last three years, the longest in two decades.
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