The political landscape of Russia under the leadership of Vladimir Putin has been a subject of great interest due to its unconventional style of governance and often dictatorial regime. Being in power for over 20 years, Putin has earned the reputation of a powerful leader who has gained the respect of his fellow leaders across the world. However, with great power comes great responsibility, and Putin has had his fair share of challenges during his tenure as President.

In March 2014, Russia's annexation of the Crimean Peninsula led to a series of sanctions imposed on the country, resulting in a stagnation-recession regime in Russia's economy. The sharp decline in trade between Russia and Ukraine caused the devaluation of the Russian ruble. In addition, the steep drop in crude oil prices, which Russia is a major exporter of, played a significant role in the financial crises that ensued. Investors lost confidence in Russia, leading to the withdrawal of their investments. As noted by (Crozet, M.; Hinz, J. 2020), this literature review is of great importance, as history could repeat itself with Russia currently at war with Ukraine.

The aim of this literature review is to provide a comprehensive analysis of the Russian financial crises of 2014. It will examine the background circumstances that led to the events, the effects it had, and other pertinent information relevant to the topic. The time period in question will be the year 2014, which has significant impact in shaping Russia's economic history.

In conclusion, it is important to understand the underlying factors that led to the financial crises in Russia, the effects it had, and how it impacts the present day. This literature review is vital in informing decisions and making predictions about future outcomes, especially with Russia's current actions towards Ukraine.