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Crisis hurting Russia

RUSSIA'S economy is barely growing, inflation is rising fast, and capital is pouring out of the country, the Economy Ministry has said, a sign that international tensions around Ukraine are already inflicting severe economic costs.

In February Russia's gross domestic product eked out growth of just 0.3pc year-on-year, up from a revised 0.1pc in January, Russia's deputy economy minister Andrei Klepach said.

Last year the economy grew by just 1.3pc, far below initial forecasts, but there had been hopes that growth would rebound this year. Instead, Russia's economic performance is deteriorating further as the international tensions around Ukraine lead capital to flee Russia.