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In his annual Presidential Address to the Federal Assembly, RF President Vladimir Putin said that the Russian economy should aim at achieving an above-average global growth rate which would, within the next three to four years, make it possible for Russia to escape from the 'trap of zero-level growth'.

The core fundamentals required for the efficient development of an economy are macroeconomic stability; a favorable business climate; an adequate quality of labor resources; and a proper legal and legislative basis.

On 2 December, the RF Ministry of Economic Development, represented by Deputy Minister Alexey Vedev, announced that it had revised its data on the results of Russia's economic development in 2014, as well as its forecast for the year 2015.

Last week, President Alexander Lukashenko made it known that Belarus did not like the restriction on the transit movement through Russia's territory of EU products with their final destination point in Kazakhstan or some other country, and the denial of entry into the Russian market for dozens of Belarusian meat and dairy companies.

On the basis of the results of 24 days in November, the consumer price index amounted to 1.0% (0.6% in general in November 2013). Till the end of the year, a growing pressure on the inflation rate will be exerted by Western sanctions against Russia and Russia' counter sanctions, as well as the continued depreciation of the ruble.

Late in October 2014, the Government of the Russian Federation has introduced for consideration to the State Duma of the Russian Federation a draft law which establishes the right of regions to introduce tax holidays for entrepreneurs using a simplified system or patent system of taxation.

According to the OPEC decision of November 27, in a situation of oversupply of oil on the market oil production quotas will not be reduced in 2015 and remain at the level of 30m barrels a day. According to Abdalla-Salem-Al-Badri, the OPEC's Secretary General, there are no grounds for reduction of oil production quotas: the market has to find the equilibrium price and even if that price is low now the OPEC recognizes it as a fair one.

According to the Rosstat's report, within a year the average pay of Russian officials has grown by 18.3%. The average pay of federal civil servants amounted to nearly Rb 96,500. As in 2013, officials of the Administration of the President of the Russian Federation, the Council of Federation and the State Duma occupy the top three places of the rating of the highest salaries.

According to Gaidar Institute's business surveys, enterprises reported that the start of 4Q 2014 was no less positive for them than the end of the previous quarter. Good demand dynamics, successful control over the stock of finished products allowed the industrial sector to keep up industrial growth in October too.

Russian residents make active use of foreign (incl. offshore) "layer-type" companies which hold Russian and foreign assets beneficially owned by Russian residents.

A series of essential government decisions on further reforms in the science sector were expected in the period of October to November 2014, primarily those concerning the system of former academic institutions currently being within the jurisdiction of the Federal Agency for Scientific Organizations (FASO).

On November 21, 2014, the State Duma adopted in the third reading amendments to the Tax Code, which allow a sales tax to be introduced in the cities of federal importance. The size of the sales tax will be pegged to the value of the sales business patent. Moscow entrepreneurs will have an opportunity to test in practice the new amendments effective fr om July 1, 2015.

Despite the failure of the leaders of G-20 countries in taking advantage of the G-20 summit in Brisbane for searching remedies for the existing global political issues, it should be recognized that the Summit had few achievements which contributed largely to the fulfillment of global financial and economic objectives.

The rate of inflation has become a priority for the Central Bank of Russia: to combat it the Central Bank of Russia has reduced the volume of its foreign currency interventions and, actually, switched over to a floating exchange rate of the ruble.

Heavy inflationary pressure and adverse developments in the Russian economy have become the key factors for the adjustment of the monetary policy objectives, as evidenced by a new version of The Guidelines for the Single Monetary Policy in 2015 and for 2016 and 2017.

The fact that bank depositors in Russia are fearing of actual devaluation of their capital may provoke banking panics, in which case it is small and medium-sized banks that are very likely to be principal victims. The panics would be followed by economic contraction, decline in output and unemployment growth.