Mubasher: The European Bank for Reconstruction and Development (EBRD) expects Economic growth in Russia to hold steady at 1.5% this year and into 2019.

Growth forecasts are supported by the positive impact of higher oil prices offsetting the negative economic consequences of sanctions imposed by the United States of America (USA) and the European Union (EU).

The EBRD noted in its Regional Economic Prospects report that Russia had returned to moderate growth in 2017 after a two-year recession, with the upturn driven primarily by recovering household consumption.

Investment had also seen a relatively solid recovery, boosted by a temporary rise in public investment linked to the 2018 FIFA World Cup.