The Russian economy contracted by 0.3% in the first quarter, marking its first quarterly contraction since early 2023, preliminary data showed on Wednesday, as the Ukraine war, Western sanctions, and high interest rates took their toll. The $3.1 trillion economy of the world's major exporter of oil, metals, fertilizers and grain is also set to benefit from supply disruptions and soaring oil prices in the coming months as a result of the war in the Middle East.