Record-low oil prices, international sanctions and an expensive interventionist foreign policy — can things get any worse for the Russian economy? The answer varies according to which Russian captain of industry you speak.
The World Bank sees Russia's economy shrinking by a steep 3.8 percent this year. A sharp contraction in real wages of 8.5 percent in the first half of 2015 has led to a rise in an already-high poverty rate and a tumble in consumer demand.
However, the billionaire president of Russia's Rusal, the world's second largest producer of aluminum, thinks the worst is yet to come — although not for at least another three quarters.
"There is still a crisis and we can't see the bottom yet and there are a lot of issues that need to be resolved… I don't think in the next nine months we will see the bottom yet," Oleg Deripaska told CNBC on Wednesday.