The World Bank cut its Russia growth forecast on Wednesday, warning of economic stagnation until 2016.

The international financial institution now sees the Russian economy growing by only 0.3 percent next year and 0.4 percent in 2016.

“Economic activity was already hamstrung by lingering structural problems and a wait-and-see attitude on the part of both businesses and consumers in 2013,” said the World Bank in its Russia Economic Report on Wednesday.

“An additional negative impact on the economy―besides slow structural reforms―came from increased geopolitical tensions and an uncertain policy environment.”

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