2014 was full of dramatic developments and unexpected turn of events. Some of them, such as the annexation of Crimea and Russia’s military invasion of Ukraine, were hard to predict. Others, like Western sanctions, Russia’s expulsion from the G8, and the economic recession, had been ripening for a long time. Here, IMR recounts this year’s key events, month by month.
In mid-December, the currency crisis in Russia resulted in the ruble’s landslide tumble. According to writer Alexander Podrabinek, Russia’s brewing economic crisis will not change the policy orientation of the Kremlin, which can only look for enemies and designate scapegoats, instead of solving real problems.
On December 16, the Russian market suffered one of its worst financial crashes, known as Black Tuesday. In the wake of an emergency move by the Russian Central Bank to raise its benchmark interest rate to 17 percent, Russia’s currency plunged unexpectedly to 80 rubles to the dollar and 100 rubles to the euro. According to political analyst Tatiana Stanovaya, in the face of these new challenges, the Russian government is proving both powerless and inept, while its inertness threatens to bring the country to the brink of chaos.
Vladimir Putin’s public approval rating reached 80 percent in March 2014 and has remained at this abnormally high level for almost a year, despite deterioration of the country’s economic and social situation. Levada Center sociologist Denis Volkov explains the underlying reasons for this phenomenal degree of support for the Russian president.
For his efforts to maintain a dialogue with Vladimir Putin, French media has compared France’s president François Hollande with German Chancellor Angela Merkel. Elena Servettaz explains why this analogy is misguided.
Our newsletter delivers a digest of analytical articles and op-eds published on our website, along with the latest updates on the IMR activities on a monthly basis.