The Russian economy will see a 1.3-percent growth in 2017, the World Bank said in its new report Wednesday.

According to the report, Moscow’s economy will shrink by 0.7 percent in 2016, after seeing a 3.8-percent fall last year.

Russia saw an economic downturn in 2014 after the United States and the European Union imposed economic sanctions on Moscow over its alleged involvement in the Ukrainian crisis. The ruble lost about half its value against the dollar.

In late November 2015, the International Monetary Fund (IMF) said Russia’s economic outlook had been improving, with the country’s economy heading toward stabilization.