Between poverty and slow growth, Russia's economic future unsure Ahead of Russia's presidential election on 18 March, the country has seen purchasing power decrease continuously for the past four years after the economy was hit with international sanctions punishing Moscow for annexation of Crimea in 2014 followed by a fall in global oil prices in 2016. The situation is particularly dire in provincial Russia, where ordinary people subsist on extremely low salaries and young families often have to be helped by retirees' meagre pensions.