Russia has fallen ten places in an economic freedom ranking that classed the nation as "mostly unfree."
Russia ranked 153rd of 178 nations in the 2016 Index of Economic Freedom published Monday by the Heritage Foundation, a Washington think tank, four spots below Tajikistan and just ahead of Algeria.
It scraped in just above the category of "repressed" nations such as Belarus in the 157th spot and Ukraine at 162nd. Hong Kong topped the ranking ?€” followed by Singapore and New Zealand.
The index said Russia scored low on rule of law issues such as property rights and freedom from corruption, but higher on regulatory efficiency and limited government. The country's scores fell or stayed the same in every category, and the ranking said freedom had been eroded by Moscow's policy of import replacement and the rising presence of state-owned lenders in the banking sector.
Russia's economy is currently in the grip of a recession due in part to a slump in global oil prices and sanctions imposed over the crisis in Ukraine in 2014.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.