Russia, which trails only Saudi Arabia in oil production, saw its economic prospects firmly boosted by the run-up in crude oil prices that lasted through mid-2008. Then, during the latter half of the year, oil prices nosedived, as did Russian equity prices. The problems hit Russian financial institutions, with ratings agencies lowering their credit ratings on several Russian banks. One major Russian financial firm, Renaissance Capital, was forced to sell half its shares to a Russian oligarch to stave off fears of insolvency. Experts say Russian market woes were worsened by the country's outdated capital market structure, worries about transparency, and geopolitical unrest in the Kremlin's near abroad. Ahead of the April 2009 G-20 summit, Moscow joined France and Germany in resisting U.S. pressures to increase global stimulus expenditures, lobbying instead for a new international regulatory framework.
The following is a list of resources providing background on the Russian economy and analysis on how it might be affected by the downturn.
Sinking Stocks and a Reeling Ruble
- Expert Brief: Russia and the Global Economic Crisis
- Economist Intelligence Unit: Shrinking Cushion
- Economist.com: Boom to Bust and Worse
- Podcast: Al Breach on Russia's Economic Jitters
- World Bank: Russian Economic Reports
- FT: Russian Economy: The Putin Defense
- Moscow Times Op-Ed: Crisis Puts Putinomics to the Test
- Brookings: Russia's Stock Market Fall: It's All About Oil
Economics and Power
- TIME: Why Russia Is Bailing Out Iceland
- Interview: Jeffrey Mankoff on the Business and Politics Behind the Russia-Ukraine Gas Dispute
- Transcript: Russian-American Relations Symposium: Session One: Russia's Economic and Political Outlook
- FT: The West Should Use Economics to Rein in Russia
- AEI: Russia's Economic Crisis: How Deep? How Wide? How Lethal?