ENThis article analyzes the main tendencies of the current economic crisis in Russia. A combination of a very broad range of long and short term factors lead to the situation, which was rightfully described by the Russian Minister of Economy Alexey Ulyukaev as a “perfect storm”. Most of the article is devoted to the analysis of the impact of the Russian-Western Sanctions War and how the economic crisis in Russia effects the economies of Baltic countries. [From the publication]