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Medvedev Sees $27 Billion Bill for Crimea as Russian GDP Slumps

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Russia acknowledged the surging cost for its takeover of Crimea from Ukraine, with Prime Minister Dmitry Medvedev blaming the standoff and sanctions that followed for helping push the economy into its first recession since 2009.

The land grab, which prompted the U.S. and the European Union to levy penalties against Russia, exacted a price estimated at 1.5 percent of gross domestic product, or 25 billion euros ($27 billion) in 2014, and the toll is set to grow multifold this year, Medvedev told lawmakers at the lower house of parliament in Moscow. The economy contracted about 2 percent last quarter from a year earlier, he said.