Russia starts bailing out banks as economy faces ‘full-blown crisis’

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Russia is facing a “full-blown economic crisis”, a former finance minister has warned, as the country is forced to take emergency financial measures.

The economy has been battered by a wave of sanctions as a result of tensions over Ukraine, geopolitical uncertainty, and falling oil prices.

Alexei Kudrin, a former finance minister and once considered an ally of President Vladimir Putin, said: “Today I can say that we have entered or are currently entering a full-blown economic crisis. Next year we will feel it in full force.”

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