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They were imposed on Russia by the United States and the EU in response to Russia’s annexation of Crimea in 2014. The Ukrainian government appealed for support from the international community. Western countries, including the United States, pledged military and financial aid to help keep Russia at bay.

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Khodorkovsky was arrested that same year on fraud and tax evasion charges and was sentenced to 14 years in jail. Aside from its oil and gas reserves, the nation also sits on billions of dollars in mineral deposits. It is also believed to possess the world’s largest diamond resources. According to the World Bank, Russia’s economy grew 4.3% in 2021, a strong rebound from the COVID-19 pandemic. The organization expects the recession to continue through 2023 because of the effects of the global economic sanctions. However, the country’s reputation as a haven for oligarchs is not understated.

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