Russian economy shrinks 4.6% in Q2 compared to last year

Published Mon, Aug 10 201511:53 AM EDT

Russia's economy contracted by 4.6 percent in the second quarter compared with a year earlier, the statistics office said on Monday citing preliminary data.

Tourists explore Red Square in front of St. Basil's Cathedral in Moscow.

Getty Images

The decline deepened from 2.2 percent in the previous quarter amid lower oil prices and Western sanctions related to the Ukraine conflict.