Russian Economy In First Major Contraction Since October 2009

(Reuters) - Russia's economy contracted sharply in November, for the first time since October 2009, in the biggest sign to date of the impact Western sanctions and a slump in oil prices are having on the slowing economy. The contraction is likely to worsen as the decline in oil prices gathered pace in December after the oil group OPEC refused to cut output to prop up prices, which are down almost 50 percent since this year's peak in June.