Lars Christensen from Danske Bank said Russia’s economy is already in recession and may contract by as much as 4pc if there are fresh sanctions, risking a repeat of events in 2008 when capital flight set off serial defaults and a banking crisis. “There is a credit squeeze under way and a significant shock to the cost of capital. This could prove to be as bad as the Lehman crisis for Russia. Capital outflows have already been $65bn so far this year, compared to $135bn in late 2008,” he said.