Falling oil prices and economic sanctions in 2014 put the pressure on the Russian economy and its currency. The overall question may have been geo-political, however. Namely, would the twenty-first century see economic tools replace military response as the dominant means to “walk back” international aggressor states and restrict their further exploits? Such a question may be too broad, as even a newly-discovered devise that suddenly works is not likely to be applicable in every case. Even so, obviating war in the nuclear age would be no small feat.
The full essay is at “Falling Oil Prices Hit Russia Hard”