After the collapse of oil price and imposition of international sanctions 5 years ago, the Russian RUB hit the rock bottom. Since December 2014, the Russian currency has seemed to be caught in a never ending downward spiral, reaching a historic low in January 2016.
The sanctions imposed on Russia by the Unites States, Canada, Norway and other Western countries, following the occupation of Crimea, did not in principle prevent the maintenance and expansion of economic relations between Russia and the individual EU member states.
In recent times, the transatlantic rift has been most visible in the discussions about two foreign policy issues: the re-imposition of sanctions on Iran and the pipeline project connecting Russia and Germany, known as Nord Stream 2.
On June 4th, Russian President Vladimir Putin signed a counter-sanctions legislation titled “On measures of influence (counteraction) on unfriendly actions of the United States of America and (or) other foreign states”.