Western measures against Russia-asset freezes and visa restrictions aimed at people and firms close to Vladimir Putin-may be pinpricks, but the crisis in Ukraine has already taken its toll on Russia's economy and financial markets. Capital flight in the first three months of 2014 is thought to exceed $60 billion. The stock-market is down by 20% since the start of the year and the rouble has dropped by 8% against the dollar. Worries about the devaluation feeding through to consumer prices have prompted the central bank to yank up interest rates, from 5.5% at the start of March to 7.5%. The imf reckons the economy is in recession; this week it cut its growth forecast for 2014 from 1.3% to 0.2%.
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