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As the Russian economy’s difficulties deepen, the Kremlin is putting a brave face on things. It maintains that Western sanctions have been beneficial and that its own anti-crisis program is working. Moreover, the government is talking up a new “Strategy 2030” to boost domestic self-sufficiency based on import substitution. The new measures, however, are unlikely to...
Professor Stefan Hedlund
The Russian economy relies heavily on oil exports. Although some of its indicators suggest a temporary respite, continued low oil prices would leave Russia trapped with a weakened ruble and spiralling inflation. The consequences for Russia and President Vladimir Putin could be dire.
Recent economic data show the Russian e...
Russia’s defence spending is set to rise by 25 per cent in 2015, reaching record levels. This re-equipment and upgrading of its hardware follows the reorganising of its military units into a rapid reaction force, seen to great effect in the seizure of Crimea. The West’s response will require some original thinking, not least about Nato’s common defence policy.
The West’s sanctions against Russia in response to the Ukraine crisis are beginning to bite and the Kremlin may be forced to confront the twin threats of economic breakdown and political turmoil. Russia’s President, Vladimir Putin, has indicated that he is preparing to endure a decade of sanctions. The key to the outcome, however, is the price of oil, which has fal...
Growth forecasts for Russia’s economy were scaled down throughout 2013. Negative factors include a steady oil price, corruption, lack of investment, stagnant domestic consumption and a shrinking workforce. Reforms have been discussed for well over a decade, but very little has resulted and Economy Minister Alexei Ulyukaev says the nation faces 16 years of negligibl...