Danske Bank: Freight volumes into Russia plummeting

Numbers for January illustrate a decline of around 40 percent in Russian import volumes. "We're looking at a massive setback in the Russian economy that is at least as big as the one we saw in 2008-2009," says Lars Christensen, head of Emerging Markets at Danske Bank.

The combined freight volumes into Russia have almost been halved since the country's financial deroute picked up real speed following the tense situation in Ukraine, Russia's annexation of Crimea, the escalation of the western sanctions against Russia and the massive devaluation of the ruble.

"The data we're getting in for January this year confirm the very negative expectations we have for the economic developments in Russia in 2015," says Lars Christensen, head of Emerging Markets at Danske Bank Markets, which projects that Russian imports will drop a combined 40-50 percent in 2015.

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