Putin continues to escalate conflict and shows that he is willing to endure impending economic costs and many are not sharing his view. Not a single U.S. Dollar was lent to a Russian company in July. This is the first time they have seen such a dramatic financially significant drought.
The current oil crisis exposes Russian economic vulnerability. Russia is a rentier state that relies too much on the energy sector for its economic success. They have not made a successful transition from the failed socialist state of the 80's to a more balanced economy, and are vulnerable to these oil price shocks similarly to the Middle East oil sheikdoms.
One major reason that President Putin has remained so defiant throughout the stand-off between Russia and the West over the Ukraine is because he thought his country could not be hurt economically by the West's sanctions. But now that the situation has changed, Putin looks much more vulnerable. While the Russian people may be quite a bit more rugged as compared to Western citizens when it comes to economic prosperity, surely even they must have a breaking point.
Putin is a strong leader in Russia, but I feel that a significant shrinkage in the Russian economy would hurt President Vladimir Putin's standing domestically. With all of the resistance movements that have been occurring in various Soviet countries, I think that many people are looking for a reason to rebel and resist leadership. A mistake in the economy would be exactly what people needed to try to take away Putin's power.