Publication

This paper examines the causes and implications of Russia’s financial crisis, which started in December 2014, on business and the population in the country. The authors first discuss the three main causes of the financial crisis Russia which include: 1) worsening structural problems in the Russian economy; 2) Western economic sanctions; and 3) the decline in oil prices in the second half of 2014. The authors then discuss how the crisis has affected employment, the wage level, public opinion and different economic sectors in the country, with a particular focus on the energy sector.