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One of the reasons France has backed Ukraine is that Russia has helped many of its former African colonies escape neo-colonial shackles, Dr. Stevan Gajic of the Institute of European Studies in Belgrade told RT on Thursday.

The economy will contract by 35% this year, while inflation will skyrocket, the report says Consumer prices in Ukraine may surge by more than 20% this year, according to an IMF forecast released on Tuesday. The fund also expects a significant slowdown in the country’s economy.