The Russian unemployment rate rose to a four-month high in November, while retail sales fell 1.3 per cent from October. The latter marked the first monthly decline since April, though analysts note that the figures fell at a slower annual pace since a strong rouble made imports cheaper and stimulated household spending.

Further data from the Federal Statistics Service show that sales fell 6.4 per cent from last year, while disposable incomes rose 1.9 per cent in November after growth of 9.9 per cent in October.

Commenting on the fact that real wages fell an annual 0.7 per cent after a 3.5 per cent drop the previous month, UralSib Financial Corp economist Vladimir Tikhomirov told Bloomberg: "It's not because the government was pushing salaries up or the private sector was increasing salaries; it was the effect of a stronger rouble."

The Moscow-based analyst also pointed out that a stronger rouble makes consumers less inclined to save.

Russia's unemployment rise came despite the central bank lowering borrowing costs to help firms stay in business and officials claiming the job-cutting "trend" was over. The country's last economic slump was in 1998, when the government defaulted on domestic debt and devalued the rouble.