Due to a combination of Western sanctions and falling oil prices, Russia’s economy is expected to suffer in the next year. Oil prices have continued to plummet from their peak in mid-2014, as supply exceeds demand, and the ruble has fallen over 40% to the US dollar since the beginning of 2014. If this activity increases, the Russian economy is expected to contract by 0.7% in 2015, and may only begin to grow a fraction of a percent in 2016.

For Russian society, the effect of these conditions will be only too apparent. Inflation previously rose past 9% in 2014, and will likely become worse in the coming year. For any significant improvement, either western sanctions need to be revoked or the price of oil needs to rise dramatically, and both of these are unlikely. The Russian economy probably not be able to avoid recession next year, and this will negatively affect all Russian citizens in the way they live. Because of this, Putin’s high approval rating could fall, and more power could be placed on the government by the Russian public to prevent sanctions by cooperating with the West.