In a report entitled “Depreciation of the rouble threatens growth and profitability,” Goldman Sachs’ Global Investment Research Division has predicted a drop in advertising sales in Russia of 20-30% across all media, including television.

This would cause the share of GDP generated from advertising sales to drop to its lowest since 2001.

Goldman Sachs’ analysis also gives a pessimistic view of the Russian market’s prospects as a whole. The 47% depreciation of the rouble over the last six months is expected to continue for the near future. A climate of decreasing demand and rising inflation is forcing companies in Russia to slash their advertising budgets.

Furthermore, economists at the investment bank have recommended that their clients sell their shares in Yandex and CTC Media. After the report’s publication shares in Yandex, Russia’s biggest search engine, fell to their lowest since the company’s initial public offering in May 2011. Yandex shares fell by 8.7% to $16.42, while shares in CTC Media fell by 8.8% to $4.30, although they had previously been as low as $2.61 during the crisis in February 2009.

On the bright side, according to Goldman Sachs, sales of online advertising are set to grow by 4% and contextual advertising is expected to demonstrate growth of 10%.