Vasily Astrov, expert on the Russian economy at the Vienna Institute for International Economic Studies, told Newsweek that "inflation has really subsided markedly over the past few months. The outcome of this policy has been a marked cooling of domestic demand, with the welcome side effect of rapid disinflation.

Putin’s refusal to compromise on Ukraine, say analysts, is a colossal error costing Russia regional influence, lucrative energy markets and its place in the world.

Former Secretary of State Condoleezza Rice said she believes “this last week was a turning point” in the U.S. and European stance toward Ukraine and Russia.