12/23/2014 08:37 EST | Updated 12/23/2014 08:59 EST

Russia Faces 'Deep Recession,' Prime Minister Dmitry Medvedev Says

Sasha Mordovets via Getty Images
MOSCOW, RUSSIA - DECEMBER 25: Russian Prime Minister Dmitry Medvedev at the Supreme State Council of Russia and Belarus on December 25, 2013 in Moscow, Russia. (Photo by Sasha Mordovets/Getty Images)

MOSCOW (AP) -- Russian Prime Minister Dmitry Medvedev has warned that the country faces a risk of a "deep recession'' if the government ditches its spending plans.

Speaking at a meeting of his party, Medvedev said Tuesday that the government won't retreat from its strategic aims and social spending. Otherwise, he said Russia could plunge into a "deep recession.''

He also said the Russian economy is in a worse place now than in the 2008 crisis because "a number of countries are effectively hampering the development of our economy.''

With oil prices sliding, Russia's energy-dependent economy is suffering. One manifestation of that has been the sharp fall in the value of the ruble. The currency is the worst performing currency this year, along with the Ukrainian, hryvnia, having lost nearly half its value.

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