The fall in GDP follows a four percent contraction in the second quarter, as restrictions from the US and Europe on energy and financial sectors pummel Russia's economy following Moscow's invasion of Ukraine.

The four percent decrease in GDP between in the third quarter was less than the 4.5 percent contraction analysts had expected.

The contraction was driven by a 22.6 percent slump in wholesale trade and a 9.1 percent fall in retail trade.

In November, the Russian central bank forecasted gross domestic product would contract by 3.5 percent this year.

The International Monetary Fund and the World Bank are respectively estimating a decrease in Russian GDP of 3.4 percent and 4.5 percent. (ILKHA)