Almost overnight, there was a global glut of oil triggered by an economic downturn in Asia and Europe, fracking for oil in the U.S. and stepped up production of oil in Saudi Arabia. The price of oil quickly dropped from more than $100 per barrel to less than $60 per barrel. The Russian Ruble collapsed, the Russian economy went into a tailspin, and Russia was suddenly facing the prospects of a recession or possibly a depression.

The looming economic disaster and the likelihood that the Russian people might eventually rebel got Mr. Putin’s attention. He now appears to be looking for a way to save face, turn around and leave Crimea. But he has promised the Russian people that he will retaliate against those who have imposed sanctions on Russia and he has promised that he will solve Russia’s economic problems in the next two years.

The Russian bear’s actions made me think of the battle of Gog and Magog. Gog will try to expand his kingdom in the latter days and latter years. But God said, “I will turn thee back, and put hooks into thy jaws, and I will bring thee forth” (Ezek. 38:4).
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I don’t know what Mr. Putin was thinking when he told the Russian people he will solve Russia’s economic problems in the next two years, but China and India have offered to help Russia so it will take a little time for Russia’s recession to reach full bloom.

Israel has acquired phenomenal wealth with minerals from the Dead Sea, oil and natural gas, agricultural success, cattle and goods; and Mr. Putin has not been reluctant to steal from other countries. We don’t know when it will happen, but many would not be surprised to see the battle of Gog and Magog in the next two years.