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Under President Vladimir Putin, Russia has improved its economic fortunes thanks to high oil prices. Oil and natural gas make up 70% of the country’s exports and higher prices have enabled Putin to solidify his rule by making economic conditions more amenable for the country’s middle class, which weathered two periods of hyperinflation during the 1990s following the collapse of the Soviet Union. However, the collapse of global oil prices, in conjunction with Western sanctions, are sending Russia down the road to recession. Considering the fact that Russia is a prominent actor within the BRICS nations and that good economic fortunes have solidified Putin’s rule, economic difficulties in Russia could create significant upheaval not only within the country, but across the world as well.
This topic brief will break down Russia’s current economic problems, how those problems may affect Europe as a whole, and then discuss what they might mean for Putin’s political future.
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Today’s R&D covers the Russian economy. Western sanctions are expected to significantly impact Russia’s economic fortunes next year, with some economists predicting a recession. Yesterday, the World Bank announced that it expects Russia’s GDP growth to be minimal next year due to the sanctions and a lack of structural reforms. Growth rates are expected to remain anemic in 2016.
Today’s R&D provides resources about the state of the Russian economy.