A customer examines a car on a display at an automobile dealership in Moscow, Russia on Wednesday, Dec. 17, 2014. (AP Photo/Pavel Golovkin)
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Western companies are curtailing investments in Russia, repatriating funds and talking with their banks about currency hedges to protect profits from the falling ruble and worsening growth outlook.Collapsing oil prices and a punishing round of sanctions over Ukraine are pushing Russia into recession and frustrating thousands of Western companies with business there who see little prospect the political deadlock will be broken.Stockmann and IKEA, which has 14 stores and 14 shopping centers in Russia, both plan to raise prices in an effort to compensate for the ruble's fall.Other companies are planning to open fewer stores. German retail sportswear firm Adidas AG, which runs 1,100 stores in Russia that account for more than 7 percent of group sales, said it would open only 30 stores per year in 2014 and 2015, down from an already reduced target of 80 per year.Big Western banks like Societe Generale, BNP Paribas and Deutsche Bank are expected to continue serving their clients in Russia, though a recession would inevitably cut local revenues.
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