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The unfolding geopolitical crisis caused by the situation in Ukraine has led to an imposition of reciprocal economic sanctions and disruptions in the established trade flows between the Russian Federation and many leading Organization for Economic Cooperation and Development (OECD) countries. Those countries have introduced a series of increasingly tough sanctions (moving from the relatively mild “stage one” in early 2014 to “stage three” in late July) against the Russian economy, affecting the defence, finance and energy sectors by restricting exports of arms, double-use technology and selected equipment for the oil industry, while curbing access by Russian banks and companies to international capital markets. Although it is not yet clear if the business sector will fully comply with those restrictions, they have already taken a serious toll on the Russian economy by worsening business sentiment and capital outflows.