Shuvalov Sees Hard Landing in Russia Surpassing 2009 Crisis

Russia is in an “extremely difficult” economic situation and faces a worse crisis than in 2008-2009, according to First Deputy Prime Minister Igor Shuvalov.

The country must prepare for a hard landing, Shuvalov said at a breakfast organized by the nation’s biggest lender, OAO Sberbank, on Friday in Davos, Switzerland. While there’s no chance of a quick political solution to the Ukrainian crisis, sanctions imposed by the U.S. and its allies have consolidated popular support behind President Vladimir Putin, he said.