Putin’s war decimates Ukraine as economy shrinks 15pc
The country’s central bank has also been forced to hike interest rates to 30pc in a bid to stop capital flight and tame runaway inflation.
Ukraine has been ravaged by conflict after its eastern most state of Crimea was annexed by Russian forces last year.
The IMF now forecasts the economy will contract a further 5.5pc this year, warning efforts to restore financial stability face “exceptionally high” risks from further conflict.
The Fund is also pressuring the country to enact structural reforms to its tax and energy policies.
Following a meeting in Brussels on Thursday, the European Union pledged to prolong sanctions against Russia, pressuring Mr Putin to support a vulnerable cease-fire.