Analysis Brief

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Issue Guide: Russia and the Global Financial Crisis

May 2009


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 Experts say Russian market woes were worsened by the country's outdated capital market structure, worries about transparency, and geopolitical unrest in the Kremlin's near abroad.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

Economics and Power