Wednesday, reports said citing data from the VTB Capital that Russia's seasonally adjusted services purchasing managers' index, or PMI, rose to 44.4 in April from 43.9 in March.

A PMI reading below 50 indicates contraction, while a reading above 50 signals expansion.

The PMI rose for the fourth consecutive month from December's record low of 36.4. This shows that the pace of decline in the service sector output is moderating.

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