What will happen to the Russian economy if oil prices continue to fall?
Of course, the Russian economy is much better prepared for an oil shock than the Soviet one – not only because of its market nature but also because the Russian authorities are trained by previous crises. However, the population and, most importantly, the elites are accustomed to a completely different standard of living than in the USSR. How will they react to their wealth falling by half or even two to three times?