The rating firm said at the time that it expected Russia’s real gross domestic product to fall around 5.5% in 2015 and 3% in 2016, bringing real growth over the 10-year period through 2018 to “virtually zero.”

Moody’s continues to maintain a negative outlook for Russia.

The minister harshly criticized the decision and noted that the agency based its outlook on the assumption of a $400 billion dollar capital outflow in 2015 and 2016 as well as an 8.5% economy contraction over the same period.