THE COUNTRY OFRUSSIA
The 2014–15 Russian Financial Crisis and the associated shrinking of the Russian economy is the result of the collapse of the Russian ruble beginning in the second half of 2014. A decline in confidence in the Russian economy caused investors to sell off their Russian assets, causing a decline in the value of the Russian ruble and sparking fears of a Russian financial crisis. The lack of confidence in the Russian economy stemmed from at least two major sources. The first is the fall in the price of oil in 2014. Crude oil, a major export of Russia, declined in price by nearly 50% between its yearly high in June 2014 and 16 December 2014. The second is the result of international economic sanctions imposed on Russia following Russia's annexation of Crimea and Russian military intervention in Ukraine.Russian President Vladimir Putin accused the Western nations of engineering the Russian economic crisis. He has also said, "Our (Western) partners have not stopped. They decided that they are winners, they are an empire now and the rest are vassals and they have to be driven into a corner."
The crisis has affected the Russian economy, both consumers and companies, and regional financial markets particularly Putin's ambitions regarding a Eurasian Economic Union. The Russian stock market in particular has experienced large declines, with a 30% decline in the RTS Index from the beginning of December through 16 December.