External factors will have their maximum influence on the Russian economy in 2015, with their impact expected to weaken in 2015-2016, the Central Bank of Russia said in its monetary policy report on Monday.

“Compared with the estimate made a quarter earlier, the forecast of the external economic situation has become more unfavorable,” the regulator said.

Russia’s Central Bank expects annual economic growth to remain close to zero in 2015-2016. “In 2017, as funding sources are diversified, import substitution processes develop further and Russian exports become more competitive, annual economic growth rates are expected to recover to 1.0-1.2%,” the regulator said.

Russia’s Central Bank expects economy to fall in stress scenario by 4.5-4.8% in 2015, about 1% in 2016 and grow by 5.5-5.8% in 2017, the regulator said.