For its actions in Crimea last 2013, the Russian economy is in recession for a second year after the West economically sanctioned the country. The falling oil prices upon the re-entry of Iran had made it worse for Russia’s oil economies.

It was the fastest noted recession in the last six years since 2015. Russia’s GDP had dropped by 3.7 per cent the previous year. Rosstat, a state-run statistics agency, said Russia’s GDP only grew by 0.7 per cent in 2014.

Russian President Vladimir Putin said in a statement in December 2015 that the economic crisis has peaked. However, analysts, including Capital Economics’ William Jackson said the Russian economy is still “extremely weak.”

The Russian Rouble had performed badly in the market, outperforming Argentinian Peso only by a few margins.

The Russian Central Bank is considering a potential change in interest rates, held up at 11pc for the last three meetings.

Lifting the economic sanctions could only do very little. According to analysts, Russia’s main enemy is the falling prices of oil. Energy industries in the country are struggling to keep production down to avoid extreme surplus.

Iran’s lifting of sanctions and capability to sell their oil to the world market contributes to the oil surplus introduced initially by Saudi Arabia.

Oil is now at $20-30 a barrel.