Russia's economy minister Maksim Resetnikov says the country's economy is on the brink of recession as interest rates are cut.

At the International Economic Forum in St Petersburg, Russian officials emphasized that the economy is cooling, with companies hit by high interest rates. Although interest rates have been cut from 21% to 20%, the general feeling is that the economy is on the brink of recession. The central bank governor said the slowdown in GDP is a natural reaction, but the risks of an excessive cooling are real, and a more significant cut in interest rates could stimulate investment.