Crimea was integrated into the Russian Federation in 2014. The annexation of Crimea was not simply a political event but also an economic event, as there were severe economic implications from the political situation. The political situation resulted in major changes for most businesses operating in Crimea, Ukraine, and Russia. To learn about how the tourism businesses reacted to the political shocks of the crisis, a survey of managers in the hotel and tourism industries was carried out in Crimea, Ukraine, and Russia. The results of the surveys illustrate a great deal about the ways that different types of businesses react to the political shock to their business environment, illustrating how the changes enabled entrepreneurs to react in ways to the new challenges and illustrating how different segments of the industries reacted differently to the political/economic changes.

Keywords: political instability, crisis, crisis management, Crimea, Ukraine, Russia, hotel industry