Russian business sentiment fell sharply in May 2014 to its lowest level since December 2013, as the standoff with Western countries over Russia's intervention in Crimea negatively impacted businesses. The MNI Russia Business Indicator declined from 55.6 in April to 49.2 in May, below the 50 level that separates expansion from contraction. New orders and production declined further, though export orders recovered slightly. While companies remained optimistic about their future financial position, that indicator has trended downward over the past three months.