Russian bond auction flops

Russia's first attempt to borrow on financial markets since November flopped on Wednesday as Moscow only raised a fifth of the amount it was seeking. The plunge in the value of the ruble at the end of last year pushed Russia to halt raising funds on debt markets. Russia's economy is set for a sharp contraction of three percent this year according to the IMF, as plunging oil prices hit its biggest export and budget earner. Sanctions imposed on Russia by the West, which accuse Moscow of