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When the U.S. mortgage crisis was in full swing, Russian officials gloated that while America’s bubble had burst, their country remained largely unaffected by the Western world’s financial woes. Views changed rapidly in Moscow when energy prices plummeted in the last quarter of 2008, taking the Russian economy along for the ride. Russia has come a long way since the first week of January 2009—the price for its Urals blend has more than tripled from $34.20 per barrel then to over $110 per barrel last week—and it is tempting to determine that Russia has weathered the storm. But has it?




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