Russia Sliding Into 'Deep' RecessionAccording to a new report Russia is heading into a “deep recession,” after returning from a week long trip to Moscow. The manifestation of this is seen in Short-term issues including significantly lower oil prices than what the government budgeted for, and geopolitical tensions with Ukraine that have led to sanctions. The sanctions affect the economy through a higher cost of capital as companies can no longer tap European banks for low interest rates. Sanctions have also temporarily shut down joint ventures with oil companies, most notably a $720 million Exxon-Rosneft venture in the Kara Sea. As a result, potential GDP growth is now estimated at about 1.5%. That’s potential. That’s if all things were firing on all four cylinders in Russia, which they are not. FULL REPORT