The Russian economy contracted by 3.7% in 2015, according to official figures.

The country's official statistics agency painted a bleak picture for an economy being kicked while it's down.

The economy has been hit hardest by plunging oil prices, which have fallen by more than 70% over the past 15 months. Tax revenue from oil and gas profits account for around half of the Russian economy. But earlier this month, finance minister Anton Siluanov said the government may have to revise its budget for the coming year, explaining that it could only balance the books with oil prices at $82 per barrel.

Elsewhere, the economy continued to feel the effects of economic sanctions imposed by the West over Russia's involvement in the Ukraine crisis in 2014.

Retail sales fell by more than 10%, and capital investment dropped 8.4%.