Russian Weapons Embargo Act of 2014 - Prohibits the head of any executive agency from entering into a contract, subcontract, memorandum of understanding, or cooperative agreement with, or make a grant to, or provide a loan or loan agreement to Rosoboronexport, any subsidiary or affiliate of it, or any entity that has a business relationship with Rosoboronexport regarding the design, manufacture, or sale of military equipment.

Requires the head of each executive agency to terminate any such arrangement.

Authorizes the President to waive such prohibition if : (1) Rosoboronexport has ceased the transfer of military equipment to, and the maintenance of existing military equipment for, the government of Syria; (2) the armed forces of the Russian Federation have withdrawn from Crimea (other than forces present on certain military bases); and (3) agents of the Russian Federation are not taking measures to destabilize the control of the government of Ukraine over eastern Ukraine.

Authorizes the President to reprogram Economic Support Fund assistance or security assistance for the government of any country that enters into a contract, memorandum of understanding, or cooperative agreement with, or makes a grant or loan to Rosoboronexport or any subsidiary or affiliate of it in an amount up to or equal to the total amount of each such arrangement.