Russians now earn less than the Chinese

Mikhail Matovnikov, a chief analyst at Sberbank, announced today that Russia's average wages have fallen below the typical income in China. According to Matovnikov's study, the average Russian now earns $443 a month.

Matovnikov says reduced salaries in Russia have allowed companies with factories in the country to increase exports.

• In December 2015, Russia's federal statistics office revealed that real wages fell 9.2 percent in November 2015 in annual terms. (Nominal wages also slipped by 5.4 percent.)