The OECD has cut its 2013-2014 forecast for Russia, following similar moves by major financial institutions, including Russia's Economic Development Ministry.

      According to the latest report by the Organization for Economic Cooperation and Development, GDP growth in Russia is unlikely to exceed 2.3 percent in 2013, and 3.6 percent in 2014. Originally, the targets were estimated at 3.8 and 4.1 percent, respectively.

      Hopes for a better outlook are linked with a recovery in the eurozone and a stronger domestic demand.