Russian minister Maxim Reshetnikov has warned that the country's economy was teetering "on the brink of recession".

Vladimir Putin ’s economy minister has warned that Russia is “on the verge” of recession as he spoke on the second day of a signature event meant to bolster economic confidence. The minister, Maxim Reshetnikov, said at the St Petersburg economic forum that his view was based on “current business sentiment and indicators” pointing to a slowdown.

President Vladimir Putin has praised Russia’s economic outlook, saying it has managed to curb inflation and ease its reliance on energy exports