Looked at from 10,000 feet up, Russia remains in crisis mode. The recession continues. The sanctions are still solidly in place. But those on the ground tell FORBES that people are hunkering down, hoping things get better next year. Russians are a tough lot, and have gone through political and economic crises many times since the fall of the Soviet Union.
Just as sanction removal won’t be nirvana for Russia’s economy, higher oil prices won’t immediately translate into positive GDP growth. A range of $30 to $40 per barrel still leaves Russia without any particular a-ha moment.
“We do not expect policymakers to deliver consistent economic policies anytime soon, as in this year,” Sberbank CIB chief economist Evgeny Gavrilenkov wrote in a four page note to clients today .... http://www.forbes.com
