Love him or hate him, but Russian President Vladmir Putin managed to annexe Crimea despite vociferous opposition — and little else — by the Western world. The flamboyant Russian leader has remained defiant in the face of sanctions imposed by the European Union and United States, among other countries, which have badly hurt Russia’s economy.

The ruble has lost over 40 per cent of its value during the year amid a downward spiral in global oil prices, even as Russian firms struggle to secure finances amid a US and EU-enforced blockade on their activities by international lenders.

Even now, pro-Russian separatists are battling Kiev forces in the region, which once formed eastern Ukraine. But while Putin claims that Russian forces are not involved in the combat, satellite imagery and intelligence reports indicate that Russia has been moving sophisticated weaponry and men to its new border in order to cement its hold over the region. In Russia, support for Putin’s move seems to be almost unanimous. At a recent event honouring security service staff, Putin asserted that he had heard people calling for Russia to "pay dearly for its independent position backing compatriots and Crimea... (and) just for the mere fact that we exist. Obviously, no one will succeed in intimidating us, to deter, to isolate Russia," he said.

The strength of his position stems from a referendum held by Crimean residents in March to join Russia. Russia’s Foreign Ministry has dubbed the Western sanctions as a “collective punishment”.

But Kiev and its backers accuse Moscow of fanning the violence and arming rebels. Despite the economic damage, Putin appears determined to stick to his guns. Retaliating to the pressure, Russia had earlier limited food imports from a number of Western companies and Putin has now warned that further measures are likely to be taken.

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