International

Severe volatility in oil markets had played a substantial role in weakening the Russian economy, Siluanov said. He estimated that the combined impact of sanctions and oil price weakness on Russia's economy amounted to around $200 billion or "maybe a little more."

"The major influence(s) were the oil price falls. Our estimate of sanctions is roughly $40-$50 billion of shortage of capital, but again the main driver of this slowdown is the oil price," Siluanov said.

On Monday, Standard & Poor's downgraded Russia's credit rating to BB+, or "junk" grade, for the first time in a decade.

"Russia's monetary-policy flexibility has become more limited and its economic growth prospects have weakened," S&P said in a statement.