People walk past a currency exchange office in downtown Moscow, Russia, Monday, March 3, 2014. (AP Photo/Alexander Zemlianichenko)
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Russia faces a fifty-fifty chance of recession, the highest since Bloomberg started to track the measure, as the crisis in Ukraine raises the risk of further sanctions, according to a survey of economists.The probability of a recession over the next 12 months rose to 50 percent, the highest since the first such Bloomberg survey in June 2012, according to the median estimate of eight economists surveyed before the U.S. and the European Union announced their latest salvo of sanctions Monday. Russia's annexation of Crimea a month ago prompted the U.S. and EU sanctions, threatening to tip the $2 trillion economy into a recession. The U.S. will enact direct economic sanctions against Russia, according to 13 of 18 economists in the Bloomberg survey, with 10 naming the banking industry as a potential target, nine pinpointing arms manufacturing and five singling out energy.GDP will grow 1 percent this year, according to the median estimate of 37 economists in a Bloomberg survey.
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