Russia's economy pays the price for Ukraine

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

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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