Russia Staring at Recession on Sanctions - Bloomberg:
"Western sanctions are pushing Russia toward recession and the pain could intensify if U.S. and European leaders turn the screw over tensions in Ukraine.
Banks including state-run VTB Capital say the world’s ninth-biggest economy will shrink for at least two quarters as penalties for annexing Crimea rattle markets, curb investment and raise the cost of borrowing. Sanctions that have so far focused on individuals via visa bans and asset freezes may be expanded to target specific areas of the economy.
President Vladimir Putin sent his popularity surging to a five-year high by making Crimea a part of Russia again after 60 years and says he won’t be swayed by foreign retaliation. Even so, the costs of the decision are starting to unfold, with Russian stocks this year’s worst performers and the economy set to suffer more than the West, Mircea Geoana, Romania’s government representative for diplomacy and economic projects."
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