Vladimir Putin is not only having to contend with mass protests following his disputed election as president, he is also faced with a drop in the price of oil, just at a time when he is expected to deliver on expensive election promises. In the last of our three-part series on Mr Putin’s return to the Kremlin and the new geopolitical landscape of Russia, we look at whether the president’s third term in office can withstand the growing fiscal crisis in Russia.

THE price of Urals crude oil, Russia’s main export blend, dropped from US$125.2 to US$87.6 per barrel between March 1 and June 21, 2012. Assuming that every US$1 on the barrel represents about US$2 billion in federal budget reven...

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Professor Stefan Hedlund
Russia does not have the reserves needed to withstand a serious economic downturn
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