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“Sanctions pressure from Western countries, voluntary departure of many western companies, a total break in trade with Europe with no equivalent alternatives on top ofthe cost of war continues to squeeze ordinary Russian consumers,” Roslyn Weems of investment strategy firm Wealth Consortia said.

“Amid an uncertain atmosphere, investment in Russia is at an all time low as the business climate is increasingly unfavorable. Putin has few allies and friends to help dig his country out of the self-imposed recession he created.”

Ms Halushka has called for Western sanctions to increase following their reported success.

She added: “The West has to keep existing and continue toughening sanctions until the Russian army fully leaves the entire territory of Ukraine, they return the deported Ukrainians and pay for the damages their terrorism made.”