The inflation rate is expected to be around 11-12 percent in 2015, and then it will drop to 6-7 percent next year, according to Russian Minister of Finance Anton Siluanov.

      "We believe that the planned inflation rate for this year of 12.2 percent will be even lower. We currently expect it to stand between 11 and 12 percent for this year,” Siluanov said during a speech at the Week of Business conference in Moscow. He added that the inflation may be reduced next year till 6-7 percent.

      Siluanov promised that the Russian economy has passed its lowest point at the end of 2014 and is starting to grow slowly. According to the Finance Minister, the situation in the financial sector also stabilized since debt instruments yield’s grew and the financial market has shown positive dynamics. Siluanov also noted that the Russian ruble had become a stable currency since the start of 2015.