An employee looks out over an oil refinery  in Nizhny Novgorod, Russia. The drop in oil prices is driving a sharp recession in the country. Photograph: Andrey Rudakov/Bloomberg

Slumping oil prices have put Russia’s economy on course for a sharp recession and double-digit inflation next year, government ministers said, as auth(...)

An employee counts Russian ruble banknotes at a private company’s office in Krasnoyarsk, Siberia. Photograph: Ilya Naymushin/Reuters

Russia’s rouble strengthened on Friday after finance minister Anton Siluanov confirmed his ministry had sold foreign currency and on expectations that(...)

Speaker of the Russian State Duma, Russia’s lower parliament house, Sergei Naryshkin (2nd R) shakes hands with leaders of the Crimean parliamentary delegation speaker Vladimir Konstantinov (2nd L), prime minister Sergei Aksyonov (L) and Sevastopol Mayor Alexei Chaliy during a meeting in Moscow. Photograph: Sergei Karpukhin/Reuters.

Russia’s lower house of parliament has overwhelmingly approved a treaty to annex Crimea from Ukraine, leaving just one legal obstacle for the (...)

Russian president Vladimir Putin and his Ukrainian counterpart Viktor Yanukovych at the Kremlin in Moscow yesterday. Russia offered $15 billion in loans and a sharp discount on natural gas prices to Ukraine. Photograph: Sergei Karpukhin/Pool via The New York Times

Ukraine’s president faced calls to resign today over a $15-billion (€11 billion) bailout from Russia which the opposition and protesters said had sold(...)

US Treasury secretary Jack Lew and Federal Reserve chairman Ben Bernanke assured their G20 counterparts at a dinner last night that a resolution would be reached to avoid a debt crisis. Photograph: Michael Nagle/Bloomberg

Top finance officials from the G20 leading economies looked set to keep their focus on the receding risk of a US default at talks today as hopes grew (...)

Russian prime minister Dmitry Medvedev  chairing a meeting with his deputies at the Gorki state residence outside Moscow yesterday. Photograph: Ekaterina Shtukina/Reuters

Moscow has agreed to consider easing the terms of a €2.5 billion loan to struggling Cyprus, while also demand(...)

A protester cries during a rally by employees of Cyprus Popular Bank outside the parliament in Nicosia  this week. Photograph: Andreas Manolis/Reuters

Russia has sent Cyprus ’s finance minister home emptyhanded and said it will only consider helping the stricken island once it(...)

Supporters of the extreme-right Golden Dawn party hold Greek flags during a rally over the crisis in Cyprus outside the German embassy in Athens today.  Photograph: John Kolesidis/Reuters

Finance ministers of the 17-nation euro zone will hold talks on Sunday on the bailout crisis in Cyprus. The meeting has been scheduled a(...)

People queue up to make a transaction at an ATM outside a branch of Laiki Bank in Nicosia, Cyprus today. Photograph: Yannis Behrakis/Reuters.

Cyprus looks close to agreeing a new proposal to radically restructure its banking sector in a desperate effort to avoid default and financial (...)

International Monetary Fund mission chief Delia Velculescu and European Commission representative Maarten Verwey arrive for a meeting with Cypriot president Nicos Anastasiades at the presidential palace in Nicosia yesterday. Photograph: Reuters

Cyprus drew a blank from its first day of intensive talks with Russia on possible financial aid that could help the island (...)