Russian space projects have risen in price on average by 27 percent due to the current economic situation, Yuri Koptev, a representative of the Russian Space Agency Roscosmos said Tuesday.

"All this [economic situation] has led to a 27-percent price jump on average for every space project," Koptev said at a press-conference. The ministry of economic development had expected a lower level of inflation, Koptev said.

According to Koptev, many issues considered from the perspective of 2014 are now looking different, "as we are experiencing significant change in the price of money."

Russia is currently experiencing an economic downturn. Falling oil prices, as well as the sanctions imposed on Moscow by the West are the reasons for the slowdown. The ruble has lost about half its value against the dollar since summer 2014.