Russian financial crisis (2014–2017)

Short description: Period of devaluation of the Russian ruble, linked to the Crimean conflict

Annual percentage GDP growth rate of Russia, 2008–2017 Yearly inflation in Russia since 2008 Capital outflow from Russia, billions of USD

The financial crisis in Russia in 2014–2015 was the result of the sharp devaluation of the Russian ruble beginning in the second half of 2014.[1][2][3][4][5][6] A decline in confidence in the Russian economy caused investors to sell off their Russian assets, which led to a decline in the value of the Russian ruble and sparked 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 the Russian military intervention in Ukraine.[1][7]

The crisis has affected the Russian economy, both consumers and companies, and regional financial markets, as well as Putin's ambitions regarding the Eurasian Economic Union. The Russian stock market in particular has experienced large declines, with a 30% drop in the RTS Index from the beginning of December through 16 December 2014.

During the financial crisis, the economy turned to prevalent state ownership, with 60% of productive assets in the hands of the government. By 2016, the Russian economy rebounded with 0.3% GDP growth and was officially out of the recession. In January 2017, Russia had foreign currency reserves of around $391 billion, an inflation rate of 5.0% and interest rate of 10.0%.[8]

## Contents

* 1 Causes
* 1.1 Economic sanctions
* 1.2 Fall in oil prices
* 1.3 Other possible causes
* 2 Russian monetary policy
* 2.1 Decline in the Russian ruble
* 2.2 Central Bank intervention
* 3 Financial, economic, and social impact
* 3.1 Impact on Russia
* 3.1.1 Demographic consequences
* 3.2 Global financial markets
* 3.3 Impact on former republics of the Soviet Union
* 3.3.1 Chart of currencies of former Soviet republics
* 4 See also
* 5 Notes
* 6 References

## Causes

Timeline of the Russian ruble exchange rate  Event  | Date  | RUB per United States dollar | Ref

|
|
|

Start of Euromaidan  | 21 November 2013  | 32.9975  | [9]
Annexation of Crimea  | 18 March 2014  | 36.2477  | [10]
Minsk Protocol  | 5 September 2014  | 37.0028  | [11]
Donbas general elections  | 2 November 2014  | 43.0072  | [12]
Central Bank intervention  | 16 December 2014  | 68.4910  | [13]
Minsk II  | 11 February 2015  | 66.0305  | [14]

### Economic sanctions

The United States , the European Union and many other countries had imposed economic sanction on Russia following its military intervention in Ukraine in early 2014, Russia's annexation of Crimea and Russian assistance to separatists fighting Ukraine in the War in Donbass.[7] Despite the financial crisis, international aid to Russia was not considered likely.[15][16]

Economic sanctions contributed to the decline of the ruble since some Russian oil companies have been prevented from rolling over debt, forcing them to exchange their rubles for U.S. dollars or other foreign currencies on the open market to meet their interest payment obligations on their existing debt.[17]

The impact of the Western sanctions on Russian economy has been limited by design, since the sanctions only affected a limited number of individuals and companies. Russian counter-sanctions however reduced imports of food into Russia, which led to rising inflation and an increase in food prices. As result, the average salary decreased[18] and the number of people living under the poverty line increased.[19]

### Fall in oil prices

The Russian economy depends largely on crude oil exports. In February 2014 crude oil prices started to slide down due to the boom in American shale oil production. For every $1 decline in crude oil prices, the Russian economy loses billions of dollars. The price of oil fell from $100 per barrel in June 2014 to $60 per barrel in December 2014.[15][20][21] The drop in the oil prices was caused by a drop in the demand for oil across the world, as well as increased oil production in the United States .[22] This fall in oil prices hit Russia hard, as roughly half of the Russian Federation's governmental revenue comes from the sale of oil and gas.[21] Russia's economy suffers from Dutch disease, a term economists use to describe a situation in which a country focuses on developing its natural resources to the detriment of other economic activity.[23] In 2014, Russia needed an oil price of $100 per barrel to have a balanced budget.[24] As the price of oil falls, Russia continues to sell its oil at operational capacity, without the ability to dramatically increase oil production to compensate for the lower price, and thus due to the reduced profit from selling oil, the government has substantially lower income. Russia is not alone in feeling the ill effects of falling oil prices, as several other countries, including Venezuela, Nigeria, and Kazakhstan, also faced reduced revenues and economic activity.[25]

In August 2015, oil prices fell to US$37 per barrel and then bounced to more than US$45 on 28 August.[26] Now as OPEC has reduced production from November 2016 oil prices have started to move up and so does the ruble.

### Other possible causes

Russian President Vladimir Putin has been criticized for running a kleptocracy, in which a small number of rent-seeking plutocrats drain the economy.[27][28][29][30] Russia was ranked second in the world on The Economist's 2014 crony-capitalism index.[27] Putin accused the Western nations of engineering the Russian economic crisis.[31][32] 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."[32]

Russia was already near a recession before the Crimean crisis, and Russia ranks low on the World Economic Forum's rankings of road quality, technological adaptation, and burden of government regulation.[33] Russia's already-weak economy left it less able to withstand the challenges imposed by low oil prices and international sanctions.[34] The Russian Central Bank's "erratic response" to the falling ruble has also been blamed for deepening the crisis.[35]

## Russian monetary policy

### Decline in the Russian ruble

Since the Great Recession, yields on U.S. treasuries and other low-risk assets have decreased due primarily to the liquidity-trap and also unconventional stimulative measures by central banks, such as ZIRP and quantitative easing. This has led investor patterns to become what is known as "reach for yield" with emerging market debt: emerging market debt is being bought by developed economy investors due to investors seeking greater interest on their holdings of debt. This led to increased issuance of debt by Russian companies in foreign currency-denominated terms, with $502 billion in foreign-currency denominated debt as of June 2014, up from $325 billion at the end of 2007.[36][37][38][39][15]

The recent decline in the Russian ruble has increased the costs for Russian companies to make interest payments on debt issued in U.S. dollar or other foreign currencies that have strengthened against the ruble; thus it costs Russian companies more of their ruble-denominated revenue to repay their debt holders in dollars or other foreign currencies.[40] As of March 2016, the ruble was devalued more than 50 percent since July 2014.[41]

Official exchange rates RUB/USD and RUB/EUR set by the Bank of Russia[42] United States
dollar  | <timeline>

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bar:01.15 from:0 till:56
bar:02.15 from:0 till:69
bar:03.15 from:0 till:61
bar:04.15 from:0 till:58
bar:05.15 from:0 till:51
bar:06.15 from:0 till:53
bar:07.15 from:0 till:56
bar:08.15 from:0 till:61
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bar:02.16 from:0 till:75
bar:03.16 from:0 till:76
bar:04.16 from:0 till:68
bar:05.16 from:0 till:64
bar:06.16 from:0 till:66
bar:07.16 from:0 till:64
bar:08.16 from:0 till:67
bar:09.16 from:0 till:65
bar:10.16 from:0 till:63
bar:11.16 from:0 till:63
bar:12.16 from:0 till:65
bar:01.17 from:0 till:61
bar:02.17 from:0 till:60
bar:03.17 from:0 till:58

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bar:10.14 at: 40 text: 39.38 shift:(-12)
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bar:12.14 at: 50 text: 49.32 shift:(-12)
bar:01.15 at: 57 text: 56.24 shift:(-12)
bar:02.15 at: 70 text: 68.93 shift:(-12)
bar:03.15 at: 62 text: 61.27 shift:(-12)
bar:04.15 at: 59 text: 57.65 shift:(-12)
bar:05.15 at: 51 text: 51.14 shift:(-12)
bar:06.15 at: 54 text: 52.97 shift:(-12)
bar:07.15 at: 57 text: 55.84 shift:(-12)
bar:08.15 at: 62 text: 60.35 shift:(-12)
bar:09.15 at: 68 text: 66.72 shift:(-12)
bar:10.15 at: 67 text: 65.74 shift:(-12)
bar:11.15 at: 66 text: 64.37 shift:(-12)
bar:12.15 at: 68 text: 66.74 shift:(-12)
bar:01.16 at: 74 text: 72.93 shift:(-12)
bar:02.16 at: 76 text: 75.17 shift:(-12)
bar:03.16 at: 77 text: 75.90 shift:(-12)
bar:04.16 at: 69 text: 67.86 shift:(-12)
bar:05.16 at: 66 text: 64.33 shift:(-12)
bar:06.16 at: 67 text: 66.00 shift:(-12)
bar:07.16 at: 65 text: 64.18 shift:(-12)
bar:08.16 at: 68 text: 67.05 shift:(-12)
bar:09.16 at: 66 text: 65.25 shift:(-12)
bar:10.16 at: 65 text: 63.40 shift:(-12)
bar:11.16 at: 64 text: 63.22 shift:(-12)
bar:12.16 at: 66 text: 65.24 shift:(-12)
bar:01.17 at: 62 text: 60.66 shift:(-12)
bar:02.17 at: 61 text: 60.09 shift:(-12)
bar:03.17 at: 59 text: 57.96 shift:(-12)

</timeline>

|

Euro  | <timeline>

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bar:03.15 from:0 till:69
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bar:07.15 from:0 till:62
bar:08.15 from:0 till:66
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bar:10.15 from:0 till:74
bar:11.15 from:0 till:71
bar:12.15 from:0 till:71
bar:01.16 from:0 till:80
bar:02.16 from:0 till:82
bar:03.16 from:0 till:83
bar:04.16 from:0 till:77
bar:05.16 from:0 till:73
bar:06.16 from:0 till:73
bar:07.16 from:0 till:71
bar:08.16 from:0 till:74
bar:09.16 from:0 till:73
bar:10.16 from:0 till:71
bar:11.16 from:0 till:70
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bar:10.14 at: 51 text: 49.98 shift:(-12)
bar:11.14 at: 54 text: 52.72 shift:(-12)
bar:12.14 at: 62 text: 61.41 shift:(-12)
bar:01.15 at: 69 text: 68.36 shift:(-12)
bar:02.15 at: 79 text: 78.11 shift:(-12)
bar:03.15 at: 70 text: 68.69 shift:(-12)
bar:04.15 at: 62 text: 62.05 shift:(-12)
bar:05.15 at: 58 text: 57.16 shift:(-12)
bar:06.15 at: 59 text: 58.01 shift:(-12)
bar:07.15 at: 63 text: 62.38 shift:(-12)
bar:08.15 at: 67 text: 66.00 shift:(-12)
bar:09.15 at: 76 text: 74.85 shift:(-12)
bar:10.15 at: 75 text: 73.78 shift:(-12)
bar:11.15 at: 72 text: 70.75 shift:(-12)
bar:12.15 at: 72 text: 70.65 shift:(-12)
bar:01.16 at: 81 text: 79.64 shift:(-12)
bar:02.16 at: 83 text: 81.91 shift:(-12)
bar:03.16 at: 84 text: 83.10 shift:(-12)
bar:04.16 at: 78 text: 76.92 shift:(-12)
bar:05.16 at: 74 text: 73.30 shift:(-12)
bar:06.16 at: 75 text: 73.44 shift:(-12)
bar:07.16 at: 72 text: 71.29 shift:(-12)
bar:08.16 at: 76 text: 74.38 shift:(-12)
bar:09.16 at: 74 text: 72.69 shift:(-12)
bar:10.16 at: 72 text: 70.93 shift:(-12)
bar:11.16 at: 70 text: 69.29 shift:(-12)
bar:12.16 at: 71 text: 69.34 shift:(-12)
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bar:03.17 at: 62 text: 61.39 shift:(-12)

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### Central Bank intervention

On 15 December 2014, Russia had foreign currency reserves worth around $400 billion, the sixth-highest total in the world,[43] giving Russia the ability to prop up the ruble.[43] On 15 December, the Central Bank of Russia spent almost $2 billion in an attempt to strengthen the declining ruble.[44][45]

Just before 1 a.m. local time on 16 December 2014, the Central Bank increased its key interest rate from 10.5% to 17% in an attempt to slow or stop the decline of the ruble.[46][47] It was the sixth increase in interest rates by the Central Bank during 2014.[46]

Despite the Central Bank's intervention, the ruble declined further, to as low as 79 Russian rubles to one U.S. dollar, compared to 33 rubles to the dollar in January 2014.[47] The ruble strengthened from its lows on 16 December after the Central Bank said it would not implement capital controls.[48]

On 22 December, the Central Bank lent $530 million to Trust Bank, which became the first bank to accept a government bailout during the crisis.[49]

On 12 January 2015, the Central Bank's 2014 data of net currency interventions was reported by Interfax, a Russian news agency, to have been $76.13 billion and €5,410,000,000, including $11.9 billion in December 2014.[50]

In 2015, the Central Bank decreased interest rates numerous times. On 30 January, the Bank cut the interest rate from 17% to 15%.[51] On 13 March, it was lowered to 14%,[52] and 12.5% on 30 April. Inflation had slowed to 16.5% by 26 April, down from approximately 17% in March.[53] On 15 June, the interest rate was lowered to 11.5%,[54] and 11% on 31 July. Inflation as of 27 July was 15.8%, an increase from 15.3% in June, as a result of a temporary tariff increase, said the Bank.[55]

State-owned agency TASS reported a loss of US$5.4 billion in the Bank's foreign reserves to US$369.2 billion on the week of 23–30 October.[56][57]

In January 2017, Russia had foreign currency reserves of around $391 billion, an inflation rate of 5.0% and interest rate of 10.0%.[8]

## Financial, economic, and social impact

### Impact on Russia

On 16 December 2014, the RTS Index, denominated in U.S. dollars, declined 12%, the most on any given day since the midst of the global financial crisis in November 2008, and the MICEX Index declined 8.1% at one point before ending the day higher. This increased the decline of RTS Index, up until 16 December, of nearly 30% during the month of December.[58] In response to rising interest rates and bank runs, the interest rate on Russian three-month interbank loans rose to 28.3%, higher than at any point in the Great Recession of 2008.[59][60]

To get rid of the Russian rubles which were declining in value, many Russians chose to purchase durable goods, such as washing machines, televisions, furniture, and jewelry, and to change their pensions and savings from being in rubles to US dollars or euros.[61][62] Several currency changers offered cash only at much greater exchange rates: USD up to 99.8 RUB (official rate was 61.15)[63] and EUR up to 120–150 RUB (official rate was 76.15).[64][65] Some foreign companies halted their business activities in Russia, including Volvo car dealerships and the online stores of Apple and Steam, due to the high volatility and decline of the Russian ruble.[62][66] Additionally, IKEA temporarily suspended sales of certain goods in Russia, in part due to the volatility and in part due to a lack of adequate supply, as numerous Russians bought IKEA furniture.[59]

Many Western financial institutions, including Goldman Sachs, started cutting the flow of cash to Russian companies since they had restricted some longer-term ruble-denominated repurchase agreements (repos). These actions were intended to protect Western firms from the high volatility of the ruble. Repos had allowed Russian companies to exchange securities for cash with Western financial institutions, so the restrictions added pressure to the Russian financial system.[67]

Russia may also be excluded from the MSCI Emerging Markets Index, composed of 26 countries' indices, if capital controls or currency controls are implemented by Russia, since such measures would make it more difficult for foreign entities to access Russian securities markets. Russia would be reclassified as a standalone market in that event.[68]

The 20 December print edition of The Economist predicted that Russia would face the "lethal combination" of a major recession and high inflation in 2015.[69] Others predicted that the crisis would spread to the banking sector.[70] On the other hand, President Putin has argued that Russia was not in crisis, and that cheaper oil prices would lead to a global economic boom that would push up the price of oil, which would in turn help the Russian economy.[71]

On the week of 15 December, Russian gold and foreign currencies reserves were reduced by "US$15.7 billion to below US$400 billion for the first time since August 2009 and down from [more than] $510 billion at the start of the year."[72] Between 15 and 25 December, annual inflation had climbed to more than 10%. Prices of goods, including beef and fish, rose 40 to 50% within a few months before the end of the year due to Russia's ban on Western imports.[72]

In 2014, car sales in Russia fell by 12% from the previous year. The largest Russian oil company, Rosneft, whose large shareholding is owned by the British oil company BP, lost U.S. and European assets and 86% of profits in the third quarter 2014. Rosneft attributed the decline to falling oil prices and ruble devaluation.[73]

The crisis threatened the continued existence of the Kontinental Hockey League, and several teams missed or delayed payments to their players.[74]

Russian President Putin ordered Dmitry Medvedev's Cabinet to not take their day off on 2015 New Year's Day because of the crisis.[75][31][32]

As of December 2014, prices of meat, fish, and grain were inflated as a result of ruble devaluation. Some businesses had closed down, especially in the far eastern region of Russia's Siberia due to future rising lease fees.[76]

The state-owned gas company, Gazprom, lost 86% in the 2014 net income, dropping to 159,000,000,000 ₽ (US$3.1 billion), because of ruble devaluation, plunge on oil prices, Ukraine crisis, and rising impairment costs. Overall revenues of the year grew 6.4% to PP 5.59 trillion ($106.3 billion).[77][78]

According to a September 2015 survey conducted by Nielsen Russia, 49% of around 1,000 sampled people had not visited a bar in 2015 mainly due to economic crisis; 46%, not a pub; 62%, not a nightclub. In comparison, according to a 2014 survey, 28% had not visited a bar in the previous year, 2014; 32%, not a pub; 45%, not a nightclub. Survey conductors concluded that rising prices in restaurants and bars had been factors to declining attendance in those places.[79]

#### Demographic consequences

Calculations presented by a group of demographers from the Russian Presidential Academy of National Economy and Public Administration demonstrate that the crisis may have very serious demographic consequences (simultaneous growth of mortality and decline of fertility)[80]

As of March 2015, officially, three million Russians more than the previous year live with less than ₽9,662 (US$169) monthly income, totalling to twenty-three million.[81]

In 2016 over 330,000 Russian citizens applied for US permanent residency through the Green Card lottery program, a 24% increase over the previous year.[82] According to New World Wealth study, over 2,000 millionaires emigrated from Russia.[83]

### Global financial markets

The financial crisis in Russia affected other global financial markets. U.S. financial markets declined, with the Dow Jones Industrial Average down nearly 3% in 3 business days, in part due to the Russian financial crisis.[84] The crisis drew comparisons to the 1998 Russian financial crisis that affected global markets.[85] Economist Olivier Blanchard of the IMF noted that the uncertainty caused by Russia's economic crisis could lead to greater worldwide risk aversion in a manner similar to the Financial crisis of 2007–08.[49] However, the 2014 international sanctions on Russia decreased Russia's financial connections with the broader financial world, which in turn lowered the risk that an ailing Russian economy would affect the worldwide economy.[85] Since 1998, Russia and many other countries have adopted a floating exchange rate, which could also help to prevent Russian financial woes from affecting the rest of the world.[85]

Foreign exchange trading service FXCM said on 16 December 2014 it would restrict U.S. dollar-ruble trading starting the next day, due to the volatility of the ruble. They also said that most Western banks have stopped reporting the exchange rate of the U.S. dollar for rubles (USD/RUB). Liquidity in the U.S. dollar-ruble market has also declined sharply.[67]

Financial institutions that hold relatively high amounts of Russian debt or other assets have been affected by the Russian financial crisis. The PIMCO Emerging Markets Bond Fund also had 21% of its holdings in Russian corporate and sovereign debt as of the end of September 2014, which has declined about 7.9% from about 16 November 2014 to 16 December 2014.[86]

Companies from North America and Europe that heavily relied on Russian economy have been affected by the crisis. American car company Ford Motor Company experienced a 40% decline in car sales in January–November 2014, according to Association of European Businesses, and terminated "about 950 jobs at its Russia joint in April [2014]." German car company Volkswagen experienced a 20% decline in the same period. American oil company ExxonMobil alongside Rosneft were unable to continue an Arctic project after the discovery of oil there due to sanctions over the crises in the Ukraine. British oil company BP lost 17% of market share. French energy company Total S.A. shelved joint shale exploration plans with Russian oil company Lukoil due to sanctions.[73]

German engineering company Siemens lost 14% of Russian revenue in 2014. German sportswear company Adidas closed down stores and suspended development plans in Russia. Danish beer company Carlsberg Group lost more than 20% of Russian shares. American fast food company McDonald's closed twelve stores, which Russian officials said was due to "sanitary violations". French food conglomerate Danone experienced a loss of operating margins in the first half of 2014 due to rising milk prices.[73]

In January 2015, ratings agency Standard & Poor's lowered Russia's credit rating to junk status and economic rating from BBB- to BB+.[87] Moody's followed this decision in February 2015.[88]

### Impact on former republics of the Soviet Union

The devaluation of the Russian ruble affected the currencies of many post-Soviet states,[89] which are tied through trade and remittances by migrant workers in Russia.[90] For many post-Soviet states, trade with Russia represents over 5% of their GDP.[91]

* Ukraine: Ukrainian officials abandoned dollar auctions and raised interest rates to 19.5 percent in 2015.[92] The hryvnia was devalued sixty percent against the dollar between August 2014 and March 2015.[93]
* Belarus: The Belarusian ruble plummeted to its weakest since 1998 by 15 December.[94]
* Uzbekistan: the som was devalued nine percent on 12 December.[89] According to Daniil Kislov, who runs Fergana.ru, a central Asia news portal, "there are 2.4 million Uzbek migrants in Russia, and those are just the official figures.
* Kazakhstan: The tenge was devalued 19–20 percent in February 2014, and nearly 40 percent in September 2015 [89][95] However, the more significant devaluation of the ruble is making Kazakh goods less affordable to Russian citizens which reduces sales and manufacturing growth.[89]
* Georgia: The lari had collapsed to its lowest level versus the dollar in more than a decade by 5 December.[90] By 11 December the lari plunged from the pre-crisis average of ₾1.75 to the dollar to ₾1.92-₾1.98.[96] Between August 2014 and March 2015, the lari was devalued twenty percent.[93]
* Azerbaijan: Low oil prices have battered its oil-dependent economy. However, it looks impervious to economic turmoil as the government has maintained in reserve a large stabilization fund which has kept the manat afloat against the dollar within its usual band. Most of the country's trade is done with Turkey.[89] On 21 February 2015 the Central Bank of Azerbaijan devalued the manat by 33.5% to the dollar.[97]
* Lithuania: After abandoning the litas on 31 December 2014, Lithuania adopted the euro on 1 January 2015,[98] the Litas endured some inflation.[99]
* Moldova: The leu was devalued twenty-five percent as of February 2015. The central bank raised interest rates by five hundred basis points.[92]
* Latvia: After abandoning the lats on 31 December 2013, Latvia adopted the euro on 1 January 2014.[100]
* Kyrgyzstan: Remittance rates had dropped to twenty-nine percent as of October 2014 for the first time since 2009.[95] The Kyrgyzstani som was devalued 15 percent on 12 December.[89] Some Kyrgyz migrants returned from Russia to Kyrgyzstan due to the crisis.[101][102]
* Tajikistan: Remittance rates dropped to 49 percent as of October 2014 for the first time since 2009.[95] The somini was devalued 5.5 percent on 12 December.[89]
* Armenia: The dram depreciated from being traded at around ֏ 410-֏ 415 against the dollar in late November to a record low of 575 to the dollar on 16 December 2014.[103] By mid-December inflation reached 15% to 20%.[104] Parliament Vice-Speaker admitted panic in the country.[105] The dram recovered significantly and stabilized[106] on 18–19 December to around 460–80. However, inflation remained high, reaching forty percent for some products.[107] In the past twelve months as of August 2015, the dram was devalued 15 percent.[108]
* Turkmenistan: The manat was devalued 19 percent in January 2015.[108] Turkmenistan is one of the trading partners of Russia.
* Estonia: Estonia had abandoned the kroon on 31 December 2010 but adopted the euro on 1 January 2011,[109][110] the economic growth forecast was cut from 3.6 percent to 2.0 percent in April 2014 due to sanctions on Russia.[111] As of April 2014, 11 percent of Estonia's exports had gone to Russia, and 100 percent of its natural gas had been imported from Russia.[111]

#### Chart of currencies of former Soviet republics

Official United States dollar exchange rates  Event  | Date

|

// EUR |  AMD  |  AZN  |  BYR |  GEL |  KZT |  KGS  |  LTL[lower-alpha 1] |  MDL  |  TJS  |  TMT  |  UAH |  UZS
Start of Euromaidan  | 21 November 2013  | 0.742[113] | 403.82[114] | 0.7844[115] | 9,332.29[116] | 1.6761[117] | 152.74[118] | 48.8687[119] | 2.5622[120] | 13.01[121] | 4.772[122] | 2.8555[123] | 8.1978[124] | 2,169.605[125]
Annexation of Crimea  | 18 March 2014  | 0.719[126] | 415.46[127] | 0.7843[128] | 9,842.75[129] | 1.7242[130] | 182.34[131] | 54.4999[132] | 2.4779[133] | 13.385[134] | 4.8001[135] | 2.8550[136] | 10.0238[137] | 2,236.6599[138]
Ukraine–Russia Gazprom cutoff  | 16 June 2014  | 0.737[139] | 411.09[140] | 0.7843[128] | 10,179.93[141] | 1.7669[130] | 183.13[142] | 51.9848[132] | 2.5439[143] | 13.975[144] | 4.9241[135] | 2.8503[145] | 11.9204[146] | 2,320.1599[138]
Russian Central Bank intervention  | 16 December 2014  | 0.800[147] | 475.19[148] | 0.7832[149] | 10,948.51[150] | 1.85[130] | 184.04[151] | 57.60[132] | 2.7596[152] | 15.465[153] | 5.1301[135] | 2.8503[154] | 15.8500[155] | 2,413.96[138]

## See also

* Cold War II
* Great Recession in Russia
* 1998 Russian financial crisis
* Eurasian Economic Union
* Economy of the Soviet Union

* v
* t
* e

Financial crises

* Banking panic
* Bear market
* Credit crunch
* Credit cycle
* Currency crisis
* Debt crisis
* Energy crisis
* Flash crash
* Hyperinflation
* Liquidity crisis
* Minsky moment
* Stock market crash

Pre–1000|

* Crisis of the Third Century (CE 235–284)

1000–1760|

* Great Bullion Famine (c. 1400–c. 1500)
* The Great Debasement (1544–1551)
* Kipper und Wipper (1621–1623)
* Tulip mania crash (1637)
* South Sea bubble crash (1720)
* Mississippi bubble crash (1720–1721)

1760–1840|

* Amsterdam banking crisis of 1763
* Bengal bubble crash (1769–1784)
* Crisis of 1772
* Dutch Republic financial collapse (c. 1780–1795)
* Panic of 1785
* Copper Panic of 1789
* Panic of 1792
* Panic of 1796–97
* Danish state bankruptcy of 1813
* Panic of 1819
* Panic of 1825
* Panic of 1837

1840–1870|

* Panic of 1847
* Panic of 1857
* Panic of 1866
* Black Friday (1869)

1870–1914|

* Panic of 1873
* Paris Bourse crash of 1882
* Panic of 1884
* Arendal crash (1886)
* Baring crisis (1890)
* Encilhamento (1890–1893)
* Panic of 1893
* Australian banking crisis of 1893
* Black Monday (1894)
* Panic of 1896
* Panic of 1901
* Panic of 1907
* Shanghai rubber stock market crisis (1910)
* Panic of 1910–11

1918–1939|

* Early Soviet hyperinflation (1917–1924)
* Weimar Republic hyperinflation (1921–1923)
* Shōwa financial crisis (1927)
* Wall Street Crash of 1929
* Panic of 1930

1945–1973|

* Kennedy Slide of 1962

1973–1982|

* 1970s energy crisis (1973–1980)
* 1973 oil crisis
* 1973–74 stock market crash
* Secondary banking crisis of 1973–1975
* Latin American debt crisis (1975–1982)
* 1976 IMF crisis
* 1979 oil crisis
* Brazilian hyperinflation (1980–1982)

1982–2007|

* Brazilian hyperinflation (1982–1994)
* Souk Al-Manakh stock market crash (1982)
* Chilean crisis of 1982
* 1983 Israel bank stock crisis
* Black Saturday (1983)
* Savings and loan crisis (1986–1995)
* Black Monday (1987)
* 1988–1992 Norwegian banking crisis
* Friday the 13th mini-crash (1989)
* Japanese asset price bubble crash (1990–1992)
* 1990 oil price shock
* Rhode Island banking crisis (1990–1992)
* 1991 Indian economic crisis
* 1990s Swedish banking crisis (1991–1992)
* 1990s Finnish banking crisis (1991–1993)
* 1990s Armenian energy crisis (1991–1995)
* Cuban Special Period (1991–2000)
* Black Wednesday (1992)
* 1992 Colombian energy crisis
* 1994 bond market crisis
* Venezuelan banking crisis of 1994
* Mexican peso crisis (1994)
* 1997 Asian financial crisis
* October 27, 1997 mini-crash
* 1998 Russian financial crisis
* 1998–99 Ecuador financial crisis
* Samba effect (1999)
* California electricity crisis (2000–01)
* Dot-com bubble crash (2000–2004)
* 2001 Turkish economic crisis
* 9/11 stock market crash (2001)
* Stock market downturn of 2002
* South American economic crisis of 2002
* 2002 Uruguay banking crisis
* 2003 Myanmar banking crisis
* 2000s energy crisis (2003–2008)
* 2004 Argentine energy crisis
* Nigerian energy supply crisis (2005–)
* 2007 Chinese stock bubble crash
* Zimbabwean hyperinflation (2007–)

2007–08|

* U.S. housing market correction (2006–07)
* 2008 Bulgarian energy crisis
* 2008 Central Asia energy crisis
* 2008 Latvian financial crisis
* 2008–09 Belgian financial crisis
* 2008–09 Russian financial crisis
* 2008–09 Ukrainian financial crisis
* 2008–2011 Icelandic financial crisis
* 2008–2011 Irish banking crisis
* 2008–2014 Spanish financial crisis
* European debt crisis
* Greek government-debt crisis
* Subprime mortgage crisis
* U.S. bear market of 2007–2009

Post–2008|

* 2009 Ecuador electricity crisis
* 2009 Dubai debt standstill
* Venezuelan banking crisis of 2009–10
* 2010 Flash Crash
* 2010–2014 Portuguese financial crisis
* Energy crisis in Venezuela (2010–)
* 2011 Tōhoku earthquake and tsunami stock market crash
* August 2011 stock markets fall
* 2011 Bangladesh share market scam
* 2012–13 Cypriot financial crisis
* 2013 Chinese banking liquidity crisis
* Venezuela economic crisis (2013–)
* Gaza electricity crisis (2013–)
* 2014–2016 Brazilian economic crisis
* Puerto Rican government-debt crisis (2014–)
* 2014–2017 Russian financial crisis
* 2015–16 Chinese stock market turbulence
* 2015–16 stock market selloff
* Zulia energy collapse (2015–)
* Brexit stock market crash (2016)
* 2016 Southeastern U.S. gas shortage
* Venezuelan hyperinflation (2016–)
* 2017 Sri Lankan fuel crisis
* Ghana banking crisis (2017–18)
* 2018 cryptocurrency crash
* 2018 Turkish currency and debt crisis

* List of banking crises
* List of economic crises
* List of sovereign debt crises
* List of stock market crashes and bear markets

## Notes

1. ↑ Lithuania adopted the euro on 1 January 2015.[112]

## References

1. ↑ 1.0 1.1 Kitroeff, Natalie; Weisenthal, Joe (16 December 2014). "Here's Why the Russian Ruble Is Collapsing". Businessweek (Bloomberg). http://www.businessweek.com/articles/2014-12-16/no-caviar-is-not-getting-cheaper-everything-you-need-to-know-about-the-russian-ruble-collapse. Retrieved 17 December 2014.
2. ↑ Hille, Kathrin (25 December 2014). "Moscow says rouble crisis is over". The Financial Times. http://www.ft.com/cms/s/0/caf7d4d6-8c4c-11e4-ad27-00144feabdc0.html. Retrieved 2 January 2015.
3. ↑ Gessen, Masha (27 December 2014). "The News in Moscow". The New Yorker. https://www.newyorker.com/news/news-desk/news-in-moscow-russia-ruble. Retrieved 2 January 2015.
4. ↑ Hartley, Jon (1 January 2015). "Online Prices Indicate Russian Inflation Spike After Ruble Decline". Forbes. https://www.forbes.com/sites/jonhartley/2015/01/01/online-prices-indicate-russian-inflation-spike-after-ruble-decline/. Retrieved 2 January 2015.
5. ↑ Metreveli, Irakli (1 January 2015). "Ex-Soviet republics hit by Russian economic crisis". The China Post. Agence France-Presse. http://www.chinapost.com.tw/business/2015/01/01/425383/Ex-Soviet-republics.htm. Retrieved 2 January 2015.
6. ↑ Tsvetkova, Maria; Anin, Roman (2 January 2015). "'We are hardly surviving': As oil and the ruble drop, ordinary Russians face growing list of problems". The Financial Post. Reuters. http://business.financialpost.com/2015/01/01/we-are-hardly-surviving-as-oil-and-the-ruble-drop-ordinary-russians-face-growing-list-of-problems/. Retrieved 2 January 2015.
7. ↑ 7.0 7.1 Dorning, Mike; Katz, Ian (16 December 2014). "U.S. Won't Ease Sanctions to Stem Russia's Economic Crisis". Bloomberg. https://www.bloomberg.com/news/2014-12-16/u-s-won-t-ease-sanctions-to-prevent-economic-meltdown-in-russia.html. Retrieved 16 December 2014.
8. ↑ 8.0 8.1 https://www.norvik.eu/files/pdf/news/Norvik_FI_Daily_08.02.17.pdf
9. ↑ "USD to RUB Rates". Exchange Rates. 21 November 2013. http://www.exchange-rates.org/Rate/USD/RUB/11-21-2013.
10. ↑ "USD to RUB Rates". Exchange Rates. 18 March 2014. http://www.exchange-rates.org/Rate/USD/RUB/03-18-2014.
11. ↑ "USD to RUB Rates". Exchange Rates. 9 September 2014. http://www.exchange-rates.org/Rate/USD/RUB/09-05-2014.
12. ↑ "USD to RUB Rates". Exchange Rates. 2 November 2014. http://www.exchange-rates.org/Rate/USD/RUB/11-02-2014.
13. ↑ "USD to RUB Rates". Exchange Rates. 16 December 2014. http://www.exchange-rates.org/Rate/USD/RUB/12-16-2014.
14. ↑ "USD tob RUB Rates". Exchange Rates. 11 February 2015. http://www.exchange-rates.org/Rate/USD/RUB/2-11-2015.
15. ↑ 15.0 15.1 15.2 Lahart, Justin (16 December 2014). "Yield Seekers Prone to Russia's Disease". The Wall Street Journal. https://www.wsj.com/articles/yield-seekers-prone-to-russias-disease-heard-on-the-street-1418767459. Retrieved 16 December 2014.
16. ↑ Makhovsky, Andrei; Solovyov, Dmitry; Antidze, Margarita (14 January 2015). "Russia's financial crisis may bury Putin's Eurasian dream". Reuters. https://www.reuters.com/article/2015/01/14/us-russia-crisis-cis-idUSKBN0KN16720150114. Retrieved 18 January 2015.
17. ↑ Albanese, Chiara; Edwards, Ben (9 October 2014). "Russian Companies Clamor for Dollars to Repay Debt". The Wall Street Journal. https://www.wsj.com/articles/russian-companies-clamor-for-dollars-to-repay-debt-1412860551. Retrieved 16 December 2014.
18. ↑ RBTH; Karpova, Marina (2016-05-20). "The average salary in Russia is now lower than in China and Poland" (in en-US). https://www.rbth.com/business/2016/05/20/the-average-salary-in-russia-is-now-lower-than-in-china-and-poland_594893.
19. ↑ Ostroukh, Andrey. "Number of Russians Living in Poverty Rises" (in en-US). https://www.wsj.com/articles/number-of-russians-living-in-poverty-rises-1458581478.
20. ↑ Friedman, Nicole (16 December 2014). "US Oil Prices Snap Losing Streak". The Wall Street Journal. https://www.wsj.com/articles/oil-prices-plunge-with-brent-crude-below-60-1418722523. Retrieved 16 December 2014.
21. ↑ 21.0 21.1 Chung, Frank (18 December 2014). "The Cold War is back, and colder". News (Australia). http://www.news.com.au/finance/economy/the-cold-war-is-back-and-colder/story-e6frflo9-1227159436375. Retrieved 17 December 2014.
22. ↑ Mooney, Chris (12 December 2014). "The basic reason oil keeps getting cheaper and cheaper". The Washington Post. https://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/12/the-basic-reason-oil-keeps-getting-cheaper-and-cheaper/. Retrieved 17 December 2014.
23. ↑ Coppola, Frances (1 December 2014). "Oil, Sanctions And Russian Politics". Forbes. https://www.forbes.com/sites/francescoppola/2014/12/01/oil-sanctions-and-russian-politics/. Retrieved 17 December 2014.
24. ↑ Elliott, Larry (15 December 2014). "Fears for Russian rouble as plunging oil price dents markets". The Guardian. https://www.theguardian.com/business/2014/dec/15/fears-russian-rouble-oil-price-markets. Retrieved 17 December 2014.
25. ↑ Schoen, John (16 December 2014). "Ticking time bombs: Where oil's fall is dangerous". CNBC. https://www.cnbc.com/id/102270286#.. Retrieved 17 December 2014.
26. ↑ Krauss, Clifford (28 August 2015). "Oil Prices Jump 17 Percent in Two Days, Despite Glut". The New York Times. https://www.nytimes.com/2015/08/29/business/oil-prices-jump-17-percent-in-two-days-despite-glut.html. Retrieved 7 September 2015. (Subscription content?)
27. ↑ 27.0 27.1 "Planet Plutocrat". The Economist. 15 March 2014. https://www.economist.com/news/international/21599041-countries-where-politically-connected-businessmen-are-most-likely-prosper-planet. Retrieved 18 December 2014.
28. ↑ Harding, Luke (1 December 2010). "WikiLeaks cables condemn Russia as 'mafia state'". The Guardian. https://www.theguardian.com/world/2010/dec/01/wikileaks-cables-russia-mafia-kleptocracy. Retrieved 18 December 2014.
29. ↑ Fish, M. Steven (3 April 2014). "The end of the Putin mystique". The Washington Post. https://www.washingtonpost.com/blogs/monkey-cage/wp/2014/04/03/the-end-of-the-putin-mystique/. Retrieved 18 December 2014.
30. ↑ Dawisha, Karen (2014). Putin's Kleptocracy: Who Owns Russia?. Simon & Schuster. ISBN 978-1-4767-9519-5. https://books.google.com/books?isbn=1476795207.
31. ↑ 31.0 31.1 Grigoryan, Armen (11 December 2014). "Russian-Abkhazian Strategic Partnership Agreement Puts Pressure on Armenian Government". Eurasia Daily Monitor (The Jamestown Foundation) 11 (221). http://www.jamestown.org/single/?tx_ttnews[tt_news]=43192&tx_ttnews[backPid]=7#.VJH-WId0y71. Retrieved 17 December 2014.
32. ↑ 32.0 32.1 32.2 "West behaving like an 'empire': Russian president", Special Broadcasting Service (Australia), 19 December 2014, http://www.sbs.com.au/news/article/2014/12/18/west-behaving-empire-russian-president, retrieved 21 December 2014 .
33. ↑ Evans-Pritchard, Ambrose (20 December 2014). "The week the dam broke in Russia and ended Putin's dreams". The Telegraph. https://www.telegraph.co.uk/finance/economics/11305146/The-week-the-dam-broke-in-Russia-and-ended-Putins-dreams.html. Retrieved 21 December 2014.
34. ↑ O'Brien, Matt (16 December 2014). "Checkmate, Putin. Russia's economy is stuck in a catch-22". The Washington Post. https://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/16/checkmate-putin-russias-economy-is-stuck-in-a-catch-22/. Retrieved 18 December 2014.
35. ↑ Herszenhorn, David (20 December 2014). "Russia Denounces New Round of Western Sanctions". The New York Times. https://www.nytimes.com/2014/12/21/world/europe/russia-denounces-new-round-of-western-sanctions.html. Retrieved 21 December 2014.
36. ↑ "Russian shrinkage: Economy contracts in November". Money (CNN). 29 December 2014. http://money.cnn.com/2014/12/29/news/economy/russia-economy-gdp-shrink. Retrieved 3 January 2015.
37. ↑ Vasilyeva, Nataliya (30 December 2014). "Russian economy shrinks for first time in 5 years". USA Today. https://www.usatoday.com/story/money/markets/2014/12/29/russia-economy-shrinks-ruble-sinks/20993275. Retrieved 3 January 2015.
38. ↑ Shatalova, Ekaterina (16 December 2014). "Russian Government to Meet on Financial Chaos as Ruble Dives 15%". Bloomberg. https://www.bloomberg.com/news/2014-12-16/russian-government-to-meet-on-financial-chaos-as-ruble-dives-15-.html. Retrieved 16 December 2014.
39. ↑ Ginsburg, Ami (17 December 2014). "Russian financial crisis' effect on Israel to escalate". Haaretz. http://www.haaretz.com/business/.premium-1.632266. Retrieved 17 December 2014.
40. ↑ Sujata Rao (10 November 2014). "Falling rouble creates debt payment headache for Russian companies". Reuters. https://www.reuters.com/article/2014/11/10/russia-rouble-debt-idUSL6N0T02OR20141110. Retrieved 16 December 2014.
41. ↑ "News and Insights". http://www.nasdaq.com/article/bank-of-russia-keeps-rates-on-hold-20160318-00172.
42. ↑ "База данных по курсам валют - Банк России". http://cbr.ru/currency_base/daily.aspx.
43. ↑ 43.0 43.1 Weir, Fred (15 December 2014). "Oil prices, ruble, inflation all bite Russia, but how badly?". Christian Science Monitor. http://www.csmonitor.com/World/Europe/2014/1215/Oil-prices-ruble-inflation-all-bite-Russia-but-how-badly-video. Retrieved 17 December 2014.
44. ↑ "#BREAKING: Russia's central bank spent almost $2 bn to support ruble on Monday". Agence-France Presse. Twitter. 17 December 2014. https://twitter.com/AFP/status/545117472911654912. Retrieved 17 December 2014.
45. ↑ Anderson, Jenny (17 December 2014). "Ruble Crisis Is Testing Russia's Resources". The New York Times. https://dealbook.nytimes.com/2014/12/17/russian-government-tries-to-support-volatile-ruble/?_r=0. Retrieved 2 May 2015.
46. ↑ 46.0 46.1 Olga Tanas and Anna Andrianova (16 December 2014). "Russia Defends Ruble With Biggest Rate Rise Since 1998". Bloomberg. https://www.bloomberg.com/news/2014-12-15/russia-increases-key-interest-rate-to-17-to-stem-ruble-decline.html. Retrieved 16 December 2014.
47. ↑ 47.0 47.1 Michael Birnbaum (16 December 2014). "Russia imposes steep interest rate hike as ruble plummets". Washington Post. https://www.washingtonpost.com/world/to-halt-crisis-russia-central-bank-hikes-interest-rates-as-ruble-falls/2014/12/16/9ebb1610-4c9e-45bd-9297-475b0d3878cc_story.html. Retrieved 16 December 2014.
48. ↑ MT Newswires (16 December 2014). "Midday Update: Stocks Reverse Course as Oil Stocks Offer Buying Opportunity, Ruble Recovers". NASDAQ. http://www.nasdaq.com/article/midday-update-stocks-reverse-course-as-oil-stocks-offer-buying-opportunity-ruble-recovers-cm423871. Retrieved 16 December 2014.
49. ↑ 49.0 49.1 Elliott, Larry (22 December 2014). "IMF raises fears of global crisis as Russian bank forced into bailout". The Guardian. https://www.theguardian.com/business/2014/dec/22/trust-bank-first-financial-casualty-russia-currency-crisis. Retrieved 23 December 2014.
50. ↑ Bush, Jason (12 January 2015). "Russian central bank sold $76.1 bln and 5.4 bln euros in 2014 – Interfax". Reuters. https://www.reuters.com/article/2015/01/12/russia-cenbank-interventions-idUSL6N0U814820150112. Retrieved 2 May 2015.
51. ↑ Hjelmgaard, Kim (30 January 2015). "Russia unexpectedly cuts interest rates to 15%". USA Today. https://www.usatoday.com/story/money/business/2015/01/30/russia-central-bank-interest-rates/22573545/. Retrieved 1 May 2015.
52. ↑ Ostroukh, Andrey (13 March 2015). "Russia Cuts Interest Rates". The Wall Street Journal. https://www.wsj.com/articles/russia-cuts-interest-rates-1426243746. Retrieved 1 May 2015.
53. ↑ Ostroukh, Andrey; Albanese, Chiara. "Bank of Russia Cuts Interest Rate to 12.5%". The Wall Street Journal. https://www.wsj.com/articles/bank-of-russia-cuts-interest-rates-to-12-5-1430390766?mod=rss_europe_whats_news. Retrieved 1 May 2015.
54. ↑ Kelly, Lidia; Winning, Alexander (15 June 2015). "Russia central bank cuts rates, says pace of easing could slow". Reuters. https://www.reuters.com/article/2015/06/15/us-russia-cenbank-rates-idUSKBN0OV1HK20150615?virtualBrandChannel=11563. Retrieved 15 June 2015.
55. ↑ Winning, Alexander; Bush, Jason; Fabrichnaya, Elena; Kobzeva, Oksana (31 July 2015). "Russian central bank cuts key rate by 50 bps, leaves options open". Reuters. http://uk.reuters.com/article/2015/07/31/russia-cenbank-rates-idUKL5N10B2RO20150731. Retrieved 31 July 2015.
56. ↑ "Russia’s international reserves fell by $5.4 bln over one week." TASS. 5 November 2015.
57. ↑ McHugh, Jess (5 November 2015). "Russian Economic Crisis 2015: International Reserves Slump $5.4B Amid Sanctions, Ongoing Recession". International Business Times.
58. ↑ Ksenia Galouchko and Natasha Doff (16 December 2014). "Russian Stocks Drop 12 Percent". Bloomberg. https://www.bloomberg.com/news/2014-12-16/russia-stocks-sink-most-in-world-as-ruble-crisis-pummels-banks.html. Retrieved 16 December 2014.
59. ↑ 59.0 59.1 O'Brien, Matt (18 December 2014). "More bad news for Putin: Russia's banks need to be bailed out now". Washington Post. https://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/18/the-latest-bad-news-for-putin-russias-banks-need-to-be-bailed-out-now/. Retrieved 19 December 2014.
60. ↑ "Russian interbank lending rate soars". Fast FT. 18 December 2014. http://www.ft.com/fastft/253531. Retrieved 19 December 2014.
61. ↑ Farchy, Jack; Weaver, Courtney (16 December 2014). "Russia's Steep Rate Increase Fails to Stem Ruble's Decline". The Financial Times. https://www.cnbc.com/id/102273163. Retrieved 16 December 2014.
62. ↑ 62.0 62.1 Kramer, Andrew E (16 December 2014). "Russia's Steep Rate Increase Fails to Stem Ruble's Decline". The New York Times. https://www.nytimes.com/2014/12/17/business/russia-ruble-interest-rates.html. Retrieved 16 December 2014.
63. ↑ "100, 115". Amic. http://www.amic.ru/news/293138/.
64. ↑ "Fontanka". 16 December 2014. http://www.fontanka.ru/2014/12/16/217/.
65. ↑ "150". Interfax. http://www.interfax.ru/business/413507.
66. ↑ J. Seppala, Timothy (17 December 2014). "Stea region locking". Engadget. https://www.engadget.com/2014/12/17/steam-region-locking/. Retrieved 4 June 2015.
67. ↑ 67.0 67.1 Albanese, Chiara; Enrich, David (16 December 2014). "Western Banks Curtail Flow of Cash to Russian Entities". The Wall Street Journal. https://www.wsj.com/articles/western-banks-curtail-flow-of-cash-to-russian-entities-1418762656. Retrieved 16 December 2014.
68. ↑ "Russia may be excluded from MSCI emerging markets index — index provider". TASS. 17 December 2014. http://tass.ru/en/economy/767405. Retrieved 17 December 2014.
69. ↑ "Going over the edge". The Economist. 20 December 2014. http://www.economist.com/node/21636720.
70. ↑ Moyon, Germain (21 December 2014). "The Worst Is Yet To Come For Russia's Economy". Business Insider.
71. ↑ "Why Russia's financial crises keep on coming". The Guardian. 21 December 2014. https://www.theguardian.com/business/2014/dec/21/putin-russia-rouble-crisis-oil-price-leader. Retrieved 21 December 2014.
72. ↑ 72.0 72.1 Fabrichnaya, Elena; Winning, Alexander (25 December 2014). "Russia says ruble crisis over as reserves dive, inflation climbs." Reuters. Retrieved 25 December 2014.
73. ↑ 73.0 73.1 73.2 Harrison, Virginia (18 December 2014). "Russia crisis hurts these brands the most". CNN Money. Retrieved 19 December 2014.
74. ↑ Mirtle, James (18 December 2014). "Russia's Kontinental Hockey League on the verge of financial ruin". The Globe and Mail. https://www.theglobeandmail.com/sports/hockey/russias-kontinental-hockey-league-on-the-verge-of-financial-ruin/article22138117/. Retrieved 26 December 2014.
75. ↑ Russia's Putin scraps New Year's holidays for ministers
76. ↑ "Ruble devaluation hits Chinese businesses in Russia's Far East." Xinhua English. 20 December 2014. Retrieved 1 January 2015.
77. ↑ Soldatkin, Vladimir (29 April 2015). "Gazprom net income plunges 86 pct on oil price drop, rouble". Reuters. http://uk.reuters.com/article/2015/04/29/us-gazprom-results-idUKKBN0NK1XP20150429. Retrieved 1 May 2015.
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79. ↑ Sharkov, Damien (23 October 2015). "In Russia, Staying In Is the New Going Out, Due to Economic Crisis". http://www.newsweek.com/staying-new-going-out-russia-due-economic-crisis-386749. Retrieved 2 November 2015.
80. ↑ Critical 10 Years. Demographic Policies of the Russian Federation: Successes and Challenges. – Moscow: Russian Presidential Academy of National Economy and Public Administration, 2015. P. 101-123..
81. ↑ Kottasova, Ivana (22 July 2015). "Russia's slump pushes 3 million into poverty". CNN. http://money.cnn.com/2015/07/22/news/economy/russia-crisis-poverty-three-million/index.html. Retrieved 23 July 2015.
82. ↑ "Более 330 тысяч россиян участвовали в розыгрыше вида на жительство в США". 2 April 2016. https://tvrain.ru/news/330_tysjach-406663/.
83. ↑ "Россия стала одним из мировых лидеров по оттоку миллионеров - BBC Русская служба" (in ru-RU). http://www.bbc.com/russian/news/2016/03/160331_millioners_outflow_russia.
84. ↑ Alexandra Scaggs (16 December 2014). "Markets Take Wild Ride on Ruble, Oil". Wall Street Journal. https://www.wsj.com/articles/world-markets-roiled-by-continued-oil-slump-but-u-s-stocks-resilient-1418743632. Retrieved 16 December 2014.
85. ↑ 85.0 85.1 85.2 Egan, Matt (17 December 2014). "Russian ruble crisis: Don't panic like it's 1998". CNN. http://money.cnn.com/2014/12/17/investing/russia-crisis-1998-investing/. Retrieved 18 December 2014.
86. ↑ Vladimir Kuznetsov, Ksenia Galouchko and Ye Xie (16 December 2014). "Russia Crisis Hits Pimco Fund, Wipes Out Options". Bloomberg. https://www.bloomberg.com/news/2014-12-16/russia-crisis-hits-pimco-fund-wipes-out-options-as-ruble-sinks.html. Retrieved 16 December 2014.
87. ↑ Grove, Thomas; Korsunskaya, Darya (27 January 2015). "S&P downgrades Russia's sovereign credit rating to 'junk'." Reuters. Retrieved 27 January 2015.
88. ↑ "Russia's debt downgraded to junk by Moody's" The Guardian. Retrieved 21 February 2015.
89. ↑ 89.0 89.1 89.2 89.3 89.4 89.5 89.6 Recknagel, Charles (12 December 2014). "Money Troubles: Russia's Weak Ruble Pulls Down Neighbors' Currencies". Radio Free Europe/Radio Liberty. http://www.rferl.org/content/russia-ruble-effects-neighboring-countries/26738229.html.
90. ↑ 90.0 90.1 "Georgian and Armenian currencies collapse". Financial Times. 5 December 2014. http://www.ft.com/intl/fastft/246771/georgian-armenian-currencies-collapse.
91. ↑ Miller, Joe (18 December 2014). "The casualties of Russia's decline". BBC News. https://www.bbc.com/news/business-30535012. Retrieved 19 December 2014.
92. ↑ 92.0 92.1 Rao, Sujata (25 February 2015). "FACTBOX-Russia's ex-Soviet neighbours struggle to contain rouble fallout". Reuters. http://in.reuters.com/article/2015/02/25/russia-crisis-neighbours-currencies-idINL5N0VZ2GY20150225. Retrieved 10 March 2015.
93. ↑ 93.0 93.1 Dzhindzhikhashvili, Misha (21 March 2015). "Georgians hit by fallout from trouble in Russia, Ukraine". Associated Press. http://hosted.ap.org/dynamic/stories/E/EU_GEORGIA_RUSSIA_FALLOUT. Retrieved 21 March 2015.
94. ↑ "Former Soviet state currencies fall further". The Financial Times. 15 December 2014. http://www.ft.com/intl/fastft/251081/former-soviet-state-currencies-fall-further.
95. ↑ 95.0 95.1 95.2 Michel, Casey (2 October 2014). "Russia Sanctions Hit Central Asia Hard". The Diplomat. http://thediplomat.com/2014/10/russia-sanctions-hit-central-asia-hard/. Retrieved 18 December 2014.
96. ↑ Jvania, Tinatin (11 December 2014). "Georgian Officials Warn Against Panic as Currency Slides". Institute for War and Peace Reporting. https://iwpr.net/global-voices/georgian-officials-warn-against-panic-currency-slides.
97. ↑ Bagirova, Nailia (21 February 2015). "Azeri central bank devalues currency by 33.5 pct to dollar". Reuters. https://www.reuters.com/article/2015/02/21/azerbaijan-currency-devaluation-idUSL5N0VV0C920150221.
98. ↑ Sytas, Andrius (1 January 2015). "UPDATE 1—Lithuania joins euro as tensions with neighbouring Russia rise." Reuters. Retrieved 8 January 2015.
99. ↑ http://www.xe.com/currencycharts/?from=LTL&to=USD&view=5Y XE.com currency chart
100. ↑ Petroff, Alanna (1 January 2014). "Euro zone gets 18th member: Latvia." CNN Money. Retrieved 18 December 2014.
101. ↑ "Some migrants have begun to return to Kyrgyzstan because of economic crisis in Russia". kabar.kg. 10 December 2014. http://kabar.kg/eng/society/full/11686.
102. ↑ Johannsmeier, Birgit (15 December 2014). "Latvia's economy hit by Russian sanctions" (video). Deutsche Welle. Retrieved 18 December 2014.
103. ↑ "Greenback's King Again: Armenian banks limit hard currency sales as dram plunges again". ArmeniaNow. 17 December 2014. http://armenianow.com/economy/59420/armenia_currency_exchange_rate_dram_dollar_markets_depreciation.
104. ↑ "Armenian dram's devaluation triggers 15–20% price hikes". arka.am. ARKA News Agency. 15 December 2014. http://arka.am/en/news/society/armenian_dram_s_devaluation_triggers_15_20_price_hikes_/.
105. ↑ "Panic in Armenia natural – Eduard Sharmazanov". Tert.am. 17 December 2014. http://www.tert.am/en/news/2014/12/17/sharmazanov/1538625.
106. ↑ "Dollar and euro somewhat stabilize in Armenia". news.am. 19 December 2014. http://news.am/eng/news/244892.html.
107. ↑ Mkrtchyan, Gayane (19 December 2014). "Price Watch: Dram rebounds, inflation worries linger". ArmeniaNow. http://www.armenianow.com/economy/59501/armenia_prices_dollar_dram_prime_minister_hovik_abrahamyan.
108. ↑ 108.0 108.1 Sivabalan, Srinivasan; Wallace, Paul (20 August 2015). "10 Currencies That May Follow Tenge in Tumble Triggered by China". Bloomberg. https://www.bloomberg.com/news/articles/2015-08-20/10-currencies-that-may-follow-tenge-in-tumble-triggered-by-china. Retrieved 2 October 2015.
109. ↑ Rikken, Kristopher (3 January 2011). "Estonia enters euro zone amid nostalgia for kroon." The Guardian (The Sydney Morning Herald). Retrieved 18 December 2014.
110. ↑ Mardiste, David (31 December 2010). "Estonia joins crisis-hit euro club, others wary." Reuters . 18 December 2014.
111. ↑ 111.0 111.1 Mardiste, David (8 April 2014). "Estonia's new PM says Russia sanctions would hurt, but may be needed". Reuters. Retrieved 18 December 2014.
112. ↑ "Lithuania and the euro". European Commission. 6 January 2015. http://ec.europa.eu/economy_finance/euro/countries/lithuania_en.htm. Retrieved 27 January 2015.
113. ↑ "US Dollars (USD) to Euros (EUR) exchange rate for November 21, 2013". http://www.exchange-rates.org/Rate/USD/EUR/11-21-2013. Retrieved 4 May 2017.
114. ↑ "USD to AMD Rates". Exchange Rates. 21 November 2013. http://www.exchange-rates.org/Rate/USD/AMD/11-21-2013.
115. ↑ "United States dollar (USD) and Azerbaijani manat (AZN)". Exchange Rate History and graphs and charts. Yahoo Finance. 2013. http://www.freecurrencyrates.com/exchange-rate-history/USD-AZN/2013.
116. ↑ "USD to BYR Rates". Exchange Rates. 21 November 2013. Archived from the original on 17 December 2014. https://web.archive.org/web/20141217205135/http://www.exchange-rates.org/Rate/USD/BYR/11-21-2013.
117. ↑ "United States dollar (USD) and Georgian lari (GEL)". Exchange Rate History and graphs and charts. Yahoo Finance. 2013. http://www.freecurrencyrates.com/exchange-rate-history/USD-GEL/2013.
118. ↑ "USD to KZT Rates". Exchange Rates. 21 November 2013. http://www.exchange-rates.org/Rate/USD/KZT/11-21-2013.
119. ↑ "United States dollar (USD) and Kyrgyzstani som (KGS) Year 2013 Exchange Rate History and graphs and charts – Yahoo Finance". http://www.freecurrencyrates.com/exchange-rate-history/USD-KGS/2013.
120. ↑ "USD to LTL Rates". Exchange Rates. 21 November 2013. Archived from the original on 2 April 2015. https://web.archive.org/web/20150402235415/http://www.exchange-rates.org/Rate/USD/LTL/11-21-2013.
121. ↑ "USD to MDL Rates". Exchange Rates. 21 November 2013. http://www.exchange-rates.org/Rate/USD/MDL/11-21-2013.
122. ↑ "United States dollar (USD) and Tajikistani somoni (TJS) Year 2013 Exchange Rate History and graphs and charts – Yahoo Finance". http://www.freecurrencyrates.com/exchange-rate-history/USD-TJS/2013.
123. ↑ "USD to TMT Rates". Exchange Rates. 21 November 2013. http://www.exchange-rates.org/Rate/USD/TMT/11-21-2013.
124. ↑ "USD to UAH Rates on 11/21/2013 – Exchange Rates". http://www.exchange-rates.org/Rate/USD/UAH/11-21-2013.
125. ↑ "United States dollar (USD) and Uzbekistani som (UZS) Year 2013 Exchange Rate History and graphs and charts – Yahoo Finance". http://www.freecurrencyrates.com/exchange-rate-history/USD-UZS/2013.
126. ↑ "US Dollars (USD) to Euros (EUR) exchange rate for March 18, 2014". http://www.exchange-rates.org/Rate/USD/EUR/03-18-2014. Retrieved 4 May 2017.
127. ↑ "USD to AMD Rates on 3/18/2014 – Exchange Rates". http://www.exchange-rates.org/Rate/USD/AMD/03-18-2014.
128. ↑ 128.0 128.1 "United States dollar (USD) and Azerbaijani manat (AZN) Year 2014 Exchange Rate History and graphs and charts – Yahoo Finance". http://www.freecurrencyrates.com/exchange-rate-history/USD-AZN/2014.
129. ↑ "USD to BYR Rates on 3/18/2014 – Exchange Rates". Archived from the original on 17 December 2014. https://web.archive.org/web/20141217205354/http://www.exchange-rates.org/Rate/USD/BYR/03-18-2014.
130. ↑ 130.0 130.1 130.2 "United States dollar (USD) and Georgian lari (GEL) Year 2014 Exchange Rate History and graphs and charts – Yahoo Finance". http://www.freecurrencyrates.com/exchange-rate-history/USD-GEL/2014.
131. ↑ "USD to KZT Rates on 3/18/2014 – Exchange Rates". http://www.exchange-rates.org/Rate/USD/KZT/03-18-2014.
132. ↑ 132.0 132.1 132.2 "United States dollar (USD) and Kyrgyzstani som (KGS) Year 2014 Exchange Rate History and graphs and charts – Yahoo Finance". http://www.freecurrencyrates.com/exchange-rate-history/USD-KGS/2014.
133. ↑ "USD to LTL Rates". Exchange Rates. 18 March 2014. Archived from the original on 2 April 2015. https://web.archive.org/web/20150402232317/http://www.exchange-rates.org/Rate/USD/LTL/03-18-2014.
134. ↑ "USD to MDL Rates". Exchange Rates. 18 March 2014. http://www.exchange-rates.org/Rate/USD/MDL/03-18-2014.
135. ↑ 135.0 135.1 135.2 "United States dollar (USD) and Tajikistani somoni (TJS) Year 2014 Exchange Rate History and graphs and charts – Yahoo Finance". http://www.freecurrencyrates.com/exchange-rate-history/USD-TJS/2014.
136. ↑ "USD to TMT Rates". Exchange Rates. 18 March 2014. http://www.exchange-rates.org/Rate/USD/TMT/3-18-2014.
137. ↑ "USD to UAH Rates on 3/18/2014 – Exchange Rates". http://www.exchange-rates.org/Rate/USD/UAH/03-18-2014.
138. ↑ 138.0 138.1 138.2 "United States dollar (USD) and Uzbekistani som (UZS) Year 2014 Exchange Rate History and graphs and charts – Yahoo Finance". http://www.freecurrencyrates.com/exchange-rate-history/USD-UZS/2014.
139. ↑ "US Dollars (USD) to Euros (EUR) exchange rate for June 16, 2014". http://www.exchange-rates.org/Rate/USD/EUR/06-16-2014. Retrieved 4 May 2017.
140. ↑ "USD to AMD Rates". Exchange Rates. 16 June 2014. http://www.exchange-rates.org/Rate/USD/AMD/06-16-2014.
141. ↑ "USD to BYR Rates". Exchange Rates. 16 June 2014. Archived from the original on 23 December 2014. https://web.archive.org/web/20141223223323/http://www.exchange-rates.org/Rate/USD/BYR/06-16-2014.
142. ↑ "USD to KZT Rates". Exchange Rates. 16 June 2014. http://www.exchange-rates.org/Rate/USD/KZT/06-16-2014.
143. ↑ "USD to LTL Rates". Exchange Rates. 16 June 2014. Archived from the original on 3 April 2015. https://web.archive.org/web/20150403030858/http://www.exchange-rates.org/Rate/USD/LTL/06-16-2014.
144. ↑ "USD to MDL Rates". Exchange Rates. 16 June 2014. http://www.exchange-rates.org/Rate/USD/MDL/06-16-2014.
145. ↑ "USD to TMT Rates". Exchange Rates. 16 June 2014. http://www.exchange-rates.org/Rate/USD/TMT/6-16-2014.
146. ↑ "USD to UAH Rates". Exchange Rates. 16 June 2014. http://www.exchange-rates.org/Rate/USD/UAH/06-16-2014.
147. ↑ "US Dollars (USD) to Euros (EUR) exchange rate for December 16, 2014". http://www.exchange-rates.org/Rate/USD/EUR/12-16-2014. Retrieved 4 May 2017.
148. ↑ "USD to AMD Rates". Exchange Rates. 16 December 2014. http://www.exchange-rates.org/Rate/USD/AMD/12-16-2014.
149. ↑ "USD/AZN". Currency Charts. XE. http://www.xe.com/currencycharts/?from=USD&to=AZN&view=1M. Retrieved 22 December 2014.
150. ↑ "USD to BYR Rates". Exchange Rates. 16 December 2014. Archived from the original on 17 December 2014. https://web.archive.org/web/20141217213131/http://www.exchange-rates.org/Rate/USD/BYR/12-16-2014.
151. ↑ "USD to KZT Rates". Exchange Rates. 16 December 2014. http://www.exchange-rates.org/Rate/USD/KZT/12-16-2014.
152. ↑ "USD to LTL Rates". Exchange Rates. 16 December 2014. Archived from the original on 2 April 2015. https://web.archive.org/web/20150402133836/http://www.exchange-rates.org/Rate/USD/LTL/12-16-2014.
153. ↑ "USD to MDL Rates". Exchange Rates. 16 December 2014. http://www.exchange-rates.org/Rate/USD/MDL/12-16-2014.
154. ↑ "USD to TMT Rates". Exchange Rates. 16 December 2014. http://www.exchange-rates.org/Rate/USD/TMT/12-16-2014.
155. ↑ "USD to UAH Rates". Exchange Rates. 16 December 2014. http://www.exchange-rates.org/Rate/USD/UAH/12-16-2014.

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