The Putin Recession.

As President Vladimir Putin delivered his State of the Nation speech last night Russian economists said the economy is due to contract 0.8% next year. Foreign economists expect a 2%-3% contraction. 2014 was a "difficult year" said Putin, who was nonetheless defiant and angry toward the West in his message to the Russian people. The recession is due to a combination of falling oil prices and Western sanctions. The lack of access to capital markets in the West is the greatest threat to Russian business.