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“The sanctions that have been adopted and those (new) sanctions that may be imposed will not undermine (Russia’s) economic growth, but their influence will be felt and they will considerably restrict potential for economic growth,” Kuzmin said.
The bank does not expect Russia’s economy to face a recession, as record-low unemployment in the country will not grow and will support consumer demand, he said, adding that a weak ruble may somewhat support the economy as well, as the country has some options to replace imports, Kuzmin said.