The World Bank released the highlights of Russia's 2013 economic report on Wednesday along with an outlook for the economy going forward.

The Russian economy grew at an estimated rate of 1.3 percent in 2013, which is below the projected rate of 3.6 percent.

Ongoing deterioration of the current account, along with higher volatility in capital outflows put pressure on the ruble. Frail domestic demands, a lack of growth-supporting structural reforms and decreasing profit margins also impacted Russia's economy.

The main driver of growth was consumption, though it expanded at half the rate it grew the previous year. The country saw a recovery in external demand in the second half of 2013 due to strong growth in exports.

Russia has weak growth prospects for the coming year and an outlook of decreased economic mobility. The country's involvement in Crimea has also caused economic confidence to suffer and put the country in a high risk environment. The outlook depends on the duration and scope of the impact of the Crimea crisis.

Russia's long-term outlook also depends on whether the country can start structural reforms in the coming years, address inefficiencies in factor allocation to attract larger private investment and improve the quality of regulatory and market institutions to implement rules evenly.