Russia's economy shrunk by 3.7% in 2015 - according to figures published by the country's statistics service.

The economy has been hit hard by the collapse in oil prices, which have fallen by 70% in the past 15 months.

Oil is currently hovering just above $30 per barrel, the country's last budget was drafted based on oil prices staying above $50.

Prime Minister Dmitry Medvedev recently warned that the country could be forced to redraw its spending plans as oil prices remain low and OPEC shows no sign of cutting its production levels.

Sanctions imposed by the West after Russia annexed Crimea in 2014 have also had an impact.

Steven Rosenberg, BBC Moscow Correspondent said that even pro-government media outlets in Russia are reporting that the country is "facing a full blown economic crisis."

The Government is expected to announce emergency measures to stimulate the economy during this week.

Rouble values fell to record lows against the US dollar last week. One rouble is currently trading for €0.012 and $0.013.

Retail figures have fallen by 10% and capital investment is down by 8.4%. Real wages for workers have also shrunk by 10%.