the last sentence is the most important
"Russian markets have been rattled by tensions between Moscow and neighboring Ukraine, where Russia annexed the Black Sea region of Crimea last month. The main stock index in Moscow tanked 10 percent in March, wiping out billions in market capitalization. In the first three months of 2014, the ruble lost 9 percent against the dollar, making imports more expensive, while spooked investors pulled about $70 billion out of the country — more than in all of 2013.
Among investors' chief concerns are that the U.S. and European Union might escalate their sanctions against Russia to affect trade, particularly in the valuable energy market. Europe is Russia's largest trading partner. It buys more than three-quarters of Russia's crude oil and natural gas exports, which fund about half the government budget.
So far, the U.S. and the EU sanctions have been limited to individual Russian politicians and businessmen close to the Kremlin. But the possibility of tougher sanctions has been enough to hinder investment, which dropped 4.8 percent in the first quarter, according to Ulyukayev.