Countries banded together and imposed crippling sanctions on Russia to stymie President Putin's invasion of Ukraine. Consequently, the International Monetary Fund said that it is very likely that the country will slip into a "deep recession."
Should the Ukraine war be prolonged and the sanctions strictly imposed, the world's eleventh-largest economy could collapse or, at the very least, suffer a more extensive crisis than the one it experienced in 1988.
The value of the rouble tumbled as Russian tanks rolled into Ukraine. The Russian currency's value loss extended to about 22%. The currency weakness has led to a sharp rise in inflation, estimated to be around 14.5% (the highest rate since late 2015). National economics aside, this directly impacts ordinary Russians' purchasing power.