Publication

The global economic crisis has severely affected the Russian economy and triggered a rapid slump in macroeconomic indicators. It followed nearly a decade of prosperity brought about by high oil prices. During that period, Russia has become even more dependent on raw materials, and so the drastic oil price slump in the second half of 2008 has shaken its financial stability. This report analyses the consequences of the global economic crisis for Russia’s economic, political and social situation between August 2008 and August 2009. Its objective is to examine if, and to what extent, the crisis has triggered change within the ruling elite and prompted a revision of its economic and social policy.