This is an excellent article by Ambrose Evans-Pritchard, Business Editor at the Telegraph.
Reading this article, the economic prognosis for Russia is very dire. However, there are other sides to Russia. President Putin and a close group of oligarchs control the power. Putin has been around on the World stage for a long time; he’s a formidable player, and most importantly he understands the weaknesses in the leading Western economies.
I agree with Evans-Pritchard that Russia has squandered her inheritence but other countries rich in natural resources have done the same. It is only now that we can see that a sovereign wealth fund like Norway’s is best practice.
I cannot see Russia turning to the likes of the IMF. I hope that Russia will reflect and see political acomodations in exchange for economic and trading concessions.