of countries, including a one-year period of total ban on food imports from the European Union and the United States. According to the Russian economic ministry in July 2014, GDP growth in the first half of 2014 was 1%. The ministry projected growth of 0.5% for 2014. The Russian economy grew by a better than expected 0.6% in 2014. Russia is rated one of the most unequal of the world's major economies. As of 2015, real income was still lower for 99% of Russians than it was in 1991. The Russian economy risked going into recession from early 2014, mainly due to falling oil prices, sanctions, and the subsequent capital flight. While in 2014 GDP growth remained positive at 0.6%, in 2015 the Russian economy shrunk by 3.7% and was expected to shrink further in 2016. By 2016, the Russian economy rebounded with 0.3% GDP growth and officially exited recession. The growth continued in 2017, with an increase of 1.5%. In January 2016, Bloomberg rated Russia's economy as the 12th most innovative in the world, up from 14th in January 2015 and 18th in January 2014. Russia has the world's 15th highest patent application rate, the 8th highest concentration of high-tech public companies, such as internet and aerospace and the third highest graduation rate of scientists and engineers. In 2019 Russia's Natural Resources and Environment Ministry estimated the value of natural resources to $844 billion or 60% of the country's GDP. 2022–present In 2022, there have been heavy sanctions due to the Russian invasion of Ukraine that will likely result in steep recession. Since early 2022 many official economic statistics are not published. Sanctions also included asset freezes on the Russian Central Bank, which holds $630 billion in foreign-exchange reserves, to prevent it from offsetting the impact of sanctions. According to most estimates, every day of the war in Ukraine costs Russia $500 million to $1 billion. On 27 June 2022 Russia defaulted on part of its foreign currency, its first such default since 1918. In November 2022 it was reported that Russia had officially entered a recession as the Federal State Statistics Service had reported a national GDP loss for the second consecutive quarter. As part of the sanctions imposed on Russia, on 2 September 2022, the finance ministers of the G7 group agreed to cap the price of Russian oil and petroleum products, designed to allow Russia to