Russia is entering a full-fledged economic crisis because the government has not adequately addressed its financial problems fast enough, said Alexei Kudrin, Russia's former finance minister.
"Today, I can say that we have entered or are entering a real, full-fledged economic crisis. Next year we will feel it clearly," Kudrin said at a news conference, Reuters reported.
"The government has not been quick enough to address the situation... I am yet to hear ... its clear assessment of the current situation."
Kudrin warned that Russia risks having its debt downgraded to "junk status" in 2015, and said he expects inflation around 12-15 percent, while the Russian central bank estimated 8 percent inflation in 2015 and economists polled by Reuters said they expect it at 9.2 percent.
Russia's central bank announced on Monday its first bailout, in which it will provide a 30 billion ruble loan to the Trust Bank so it can continue operations, The Associated Press reported.
The country, one of the world's biggest suppliers of wheat, also announced on Monday preparations to introduce export duties on grain in an attempt to regulate prices and prevent selling by traders.
According to Kudrin, between 25 and 35 percent of the decline in Russia's currency can be attributed to economic sanctions imposed by the West after Moscow annexed Ukraine and continued to support pro-Russian rebels fighting in eastern Ukraine, reported Reuters.
President Vladimir Putin made similar claims last week, saying he believes that sanctions are 25-30 percent responsible for the economic crisis.
Putin laid a great deal of blame on "external factors" like Russia's dependency on oil, but took blame himself for having failed to diversify much of the country's economy in the last 20 years.
Kudrin, who has been one of few to criticize Putin, quit in 2011 in protest of proposed increases in defense spending, but is thought to remain close to Putin, according to Reuters.
