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Russia’s central bank head, Elvira Nabiullina, predicts capital flight will slow despite IMF pessimism (photo: dpa)

Russia's economy pays the price for Ukraine

Russia’s President Vladimir Putin – the people’s darling scoring more than 80 per cent approval – is heading a country staring at recession with little in the bank except the president’s rampant popularity ratings. And while the West has postured over the Crimea grab and Ukraine’s pro-Russian ‘army’, markets have been swift and unforgiving in meting out their own punishment. Russia’s economy is taking a severe beating in the form of capital flight, plummeting investment, rising inflation and a general loss of business confidence.

<i>Russia’s aggression against Ukraine has given a boost to the approval rating of President Vladimir Putin who may also delight in observing that West...

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Professor Stefan Hedlund
Russian households rushed to convert their ruble savings into other currencies, foreign investors began withdrawing their funds, and Russian corporations shifted funds to foreign bank accounts where their money would be safe
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