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Those 2014 U.S. sanctions were paired with related measures imposed by the European Union, which placed restrictions on business with Russia's financial, defense and energy sectors.

Today, Russia's economy is still feeling the harsh impact of those measures, which coincided with a crash in global oil prices that cut deeply into revenues from the country's main export.

The loss of oil revenues - a drop of as much as 60 percent, according to a 2017 Congressional Research Service report -- helped spark a collapse in Russia's currency, the ruble, sending the prices of Russian consumer goods soaring.

The Russian economy has also been hurt by a wave of capital flight out of the country, as individual Russians sought to move money offshore and convert their shrinking rubles to dollars and euros to protect their wealth. That money flow slowed in 2014 as U.S. and European sanctions took hold.

Though U.S. sanctions have put pressure on the Russian economy, the impact on American business has been limited because Russia makes up less than 1 percent of U.S. exports.

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