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Russian Imports Drop 36% in 2015

Imports into Russia from beyond the former Soviet Union dropped by 36.4 percent and totaled $161.5 billion last year, the Federal Customs Service said in a statement Thursday.

Russia imported $14.8 billion worth of goods in December, a 6.2 increase compared to the previous month, but a 28.3 percent decrease compared to December 2014.

The sharp drop in imports comes as Russia's economy is reeling from low oil prices and Western sanctions imposed on Russia over its actions in eastern Ukraine.

In the first ten months of 2015, the Russian economy shrank 3.7 percent, according to a report by the Economic Development Ministry.

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