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Kudrin Says Russia Entering Crisis Even as Ruble Rallies

Russia is heading for a “full-fledged” economic crisis, President Vladimir Putin’s former finance minister warned, even as the ruble rallied for a second day.

The Russian currency, which hit a record low of 80 rubles to the dollar Dec. 16, traded at 54.5 rubles against the dollar at 5:32 p.m. in Moscow, up more than 12 percent over two days. The rally happened as companies sold dollars to pay local taxes and China signaled support to tackle the worsening economic slump in Russia.