The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis.

“Now I’m hoping obviously from an economic point of view that recession in Russian economic will be end in next 18 months… It’s been very very tough time in Russia and it affected on neighbor countries badly as well,” Chakrabarti told reporters.

The president stressed that the recession in the Russian economy negatively affected countries of Central Asia, Eastern Europe and the Caucasus, as its stability is crucial for the region.

Chakrabarti added that the most recent EBRD experts’ projections would be published later that week.