The ongoing financial crisis began in the second half of 2014 when the Russian ruble collapsed due to a decline in the price of oil and international sanctions against Russia. These events in turn led to loss of investor confidence and capital flight. Though it has also been argued that the sanctions had little to no effect on Russia's economy. In 2014, the Organized Crime and Corruption Reporting Project named Putin their Person of the Year Award for furthering corruption and organized crime.