Why Russia Is More Than An "Oil Play": Reforms, Growth, And Macroeconomic Preparedness

Annotation
Given recent oil price volatility, the role of oil in the Russian economy has yet again been a focus. We will here discuss why Russia is increasingly to be seen as more than an “oil credit”, and why the combination of a strong starting position, preparedness and economic reforms imply the move to a lower oil price will not threaten macroeconomic stability. On reforms, we are optimistic – we believe it is more likely than not that the mix of recent global economic and international security developments have further strengthened the internal Russian resolve to pursue the structural and institutional reforms underway.