Impact of Western Sanctions on Russia in the Ukraine Crisis

Abstract

The year 2014 is an important and challenging year for Russia. The Ukraine crisis and Russia’s Crimea annexation have pushed Russo-Western relations to near the freezing point. International sanctions against Russia led by the US and Europe have hindered the development of Russian economy. Despite facing these sanctions, domestically, Russia is politically stable, and its population is united. Diplomatically, Russia has accomplished great progress and forged strong relations with Asian countries, and its relationship with the East has continued to deepen. In experiencing Western hostility but Eastern friendliness, Russia mitigates the damage caused by the sanctions.