The Euro has taken over from the dollar as the basic reserve currency of the Russian Central Bank.

Despite positive reports that the worst of the recession was over, the Russian economy sank to news lows in April, contracting 10.5% compared to April 2008.

Russia’s Central Bank has announced that it will be switching to steel coins, from copper, in an attempt to save money during the recession.

Russian Railways is seeking an extra 30 billion roubles from the Russian government in order to help it survive in the face of massive losses, according to new reports.

A rise in gas prices and sales resulted in a welcome boost in profits for Russia’s gas producing giant, Gazprom last year.