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The would-be czar of “New Russia” doesn’t even need a stimulus plan to keep things running.
Russian President Vladimir Putin has shelved a plan to boost government spending to revive the stalling economy, according to three people familiar with the discussions….
Capital flight arising from the Ukraine crisis has hit Russia’s already-slowing economy hard, and it could slip into recession this year.
But Mr. Putin’s decision suggests the Kremlin believes the situation isn’t yet bad enough to dip into the $175 billion Russia has saved in its rainy-day funds, or even to set aside a smaller amount of the petrodollars the leading global oil exporter gets.