It is no secret that Russia has been on an economic slump lately due to economic sanctions brought about by the United States, Europe and their allies. The drop in crude oil prices makes things even worse.
Russia’s GDP grew by only 0.7% in the third quarter of 2014, and the World Bank projects that the country will go into recession in 2015. The Russian ruble (RUB) already lost about half its value. To counter the ruble slide, the Russian Central Bank raised interest rates to around 17%. Inflation is at around 9%.
For the official evening gown portraits, Yulia wore an Elie Saab haute couture gown. Fashion pundits estimate the gown’s price tag at USD175,000. Yes, the number of zeroes are correct – the gown costs as much as a house. Continue reading Despite Russia’s Recent Economic Struggles – Miss Russia Wears Ridiculously Expensive Gowns to the Miss Universe Pageant in Doral