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Recently, Russian President Vladimir Putin announced that the country will be issuing new bank notes to commemorate the 2014 invasion and annexation of Crimea. Many say this is simply a distraction from the core economic problems Russia is currently facing. The international sanctions that were issued against Russia following the taking of Crimea took a toll on its economy. Much of the international community, particularly the U.S., UN and EU, regarded the annexation as an illegal strike against Ukraine's sovereignty. The sanctions that followed hit Russia's nationalized oil companies. Recent reports show that Russia' economy has consistently shrunk over the past three quarters, with a four percent drop compared to last year's numbers.
Russia to Get Banknote Dedicated to Crimea (themoscowtimes.com)
"A 100 ruble banknote commemorating Moscow's annexation of Crimea from Ukraine in 2014 will appear in Russia next month, the TASS news agency reported Thursday, citing a Central Bank official."
Russia says crisis-hit economy slumped 4.3% in third quarter (yahoo.com)
"Russia's economy shrank 4.3 percent in the third quarter this year, the government said Monday, as a recession caused by low oil prices and Western sanctions over Ukraine continued to take its toll."
U.S. Sanctions Have Crushed Equity Of Russian Oil Companies (forbes.com)
"Sanctions have definitely hurt Russian oil companies and their investors, some much worse than others. Since Washington imposed sectoral sanctions in July and September, the market cap of Russia's most powerful oil and gas companies has steadily eroded."