An Armed Man Stands Outside a Building in Slavyansk, Ukraine

An Armed Man Stands Outside a Building in Slavyansk, Ukraine

Kirill Kudryavtsev/AFP via Getty Images

The escalating crisis in Ukraine and Russia’s annexation of Crimea last month led to the worst standoff against the U.S. and Europe since the collapse of the Soviet Union leaving policy makers to struggle with an economy on the brink of recession with the inflation rate above the central bank’s target for a 19th month as the ruble fell.