Russia's economy will shrink by around 4 per cent next year as a result of falling oil prices and ongoing financial turmoil, its finance minister has warned.

All politicians like to have props, and in Vladimir Putin's case, some are taken from the box marked Macho and others from the box marked Mother Russia.

Can Russia afford the economic blowback from taking over Crimea? The markets aren't so sure.

Muscovites rushed to the shops yesterday as the ruble's slide brought fears that imported goods would soon soar in price.

Here's what's happening in Russia: Its currency has lost half its value, investors have pulled billions of dollars amid an oil plunge. Now here's what's not happening.

The financial crisis in Russia has wiped billions off the fortunes of some of Britain's wealthiest tycoons and has led to a spate of property panic buying across London.

The raw figures look bad, and they are deteriorating.

Russia's currency crisis has added risk to world markets, but the New Zealand economy is likely to be spared direct impact, analysts say.

Russia took its biggest step yet to shore up the ruble and defuse the currency crisis threatening its stricken economy.

Friends of Scot Young, the tycoon who died in a fall from his fourth-storey London flat, have claimed that he owed millions of pounds to the Russian and Turkish mafia.

Russia's economic crisis deepened as the Govt acknowledged it's heading for recession and "panic" crept into the financial system as oil prices plunged.

Russian supermodel Natalia Vodianova needs to watch out, there's a very young pretender on her modelling back.

A woman fitted with a pacemaker has died after passing through an airport scanner in the southern Russian town of Ulan-Ude.

A mysterious Russian object is being tracked by space agencies, giving new life to fears about the increase of space weapons.

John Key says major companies have been asked not to exploit the gap left by other countries' trade sanctions on Russia because to do so would be a "terrible look" for NZ.

PM joined chorus of voices condemning Russia's President at the G20, although he was not quite as blunt as Canada's Stephen Harper.

The Russians are coming, but the Australian Government isn't about to panic. Four Russian warships are exercising in the Coral Sea before this weekend's G20.

It wasn't quite a 'shirtfront' but Tony Abbott has confronted Vladimir Putin over Russia's role in the downing of flight MH17, calling for an apology and compensation.

Apec shirts mocked for their similarity to Star Trek uniforms, but there's no shirtfronting as Tony Abbott and Vladimir Putin pose for a portrait.

A 'massive mystery explosion' shook residents outside of London, before two RAF jets reportedly escorted a Russian-made Latvian cargo jet into Stansted airport.

'One giant leap for mankind', proclaimed Neil Armstrong from the moon's surface. Did that just underscore the status of women's future in space?

As the tough talk between the leaders escalates, Tony Abbott has been called a "foul-mouthed, despicable, loutish oaf," while Vladimir Putin has "blood on his hands".

Former Soviet leader Mikhail Gorbachev, 83, has been hospitalised but is determined to fight for his life, Russian press agencies report.

Billionaire Jeff Bezos will team up with a Boeing-Lockheed Martin to develop US-made rocket engines, in competition with Elon Musk's SpaceX venture.