According to a global ranking, Russia and Ukraine have seen their economic competitiveness plummet over the past year.
The annual ranking released on May 27 by the Swiss-based Institute for Management Development (IMD) showed that Russia fell from 38th place to 45th out of the 61 countries.
And Ukraine nose-dived 11 spots, landing at 60th place, ahead of Venezuela.
IMD said the drops "highlight the negative impact that armed conflict and the accompanying higher market volatility have on competitiveness in an increasingly interconnected international economy."
Fighting between pro-government forces and Moscow-backed separatists has killed more than 6,100 people in eastern Ukraine since April 2014.
After annexing Ukraine's Crimea Peninsula in March 2014, the West imposed sanctions on Russia that limited its access to foreign capital and technologies.
The IMD ranking also showed that the United States maintained the top spot, followed by Hong Kong and Singapore.