Lower tourist arrivals from Russia have been attributed to a recession in that country, local tourism sector officials said in Athens on Wednesday.

One forecast, by the European Bank of Reconstruction and Development (EBRD), predicts that Russian GDP will shrink by 4.8%, mainly due to a huge drop in oil prices and sanctions imposed by the West over the conflict in eastern Ukraine.

Tourism enterprises (SETE) President Andreas Andreadis said holiday packages for Russian tourists have become more expensive due to the ruble’s depreciation versus the euro, amongst others. Official estimates by the Bank of Greece show that during the January – September 2014 period there was a 11.2-percent drop in transactions involving Russian parties, whereas Russian tourist arrivals dropped by 4%.