By Bank of Finland Institute for Economies in Transition (BOFIT) Russian economic growth slowed significantly in June, but sustained its lower pace in July. According to Russian economic development ministry’s preliminary estimate, year-on-year GDP growth in June and July was around 3%, down from 4.5% in the April-May period. The general indicator comprising Russia’s five core production sectors suggested that the volume of seasonally adjusted economic output contracted month on month in June, but the contraction stopped in July, the Bank of Finland institute for Emerging Economies (BOFIT) rep…