After invading Ukraine back in late-February 2014, the United States and European Union imposed a number of financial sanctions that have made it difficult for Russian firms to borrow abroad. These sanctions were intensified after the country's alleged interference in the U.S. and European presidential elections in 2016 and 2017 and its military interventions in Ukraine and Syria. President Vladimir Putin has openly admitted that these economic sanctions are severely harming the economy. Over the long term, there are signs that these sanctions may be discouraging families from having more children, which could have devastating long-term effects.