Time for a second look? Russia uses low prices and sanctions to wean itself off external debt

Russia is undoubtedly under huge economic pressure as a result of low oil prices and economic sanctions.

However, within these challenges lies a powerful catalyst for reform. The early signs that Russia is adjusting well to this radically changed landscape are already apparent. The response of the Russian authorities to what could have turned into a grave crisis has shown that the lessons of the past have been learned and the government has handled the challenges with very much greater understanding. There has been more discriminating use of public money to help troubled companies. Furthermore, the authorities have then used the resulting leverage to argue for more efficient management. ...