Ordinary Russians also would be hurt by capital flight. If the outflow continues at its current pace, it will total $70 billion during the first quarter, some 3.2 percent of gross domestic product. “There is a real risk that this could push Russia into recession this year,” says Capital Economics’ Shearing. Adding to the pain, the ruble has plunged 22 percent over the past year—a blow to shoppers in a country where imported goods account for more than 40 percent of consumption.
