(MENAFN) Vladimir Putin has spent years training for the worst-case scenario. Since at least 2014, when Russia was battered by falling oil prices and sanctions against Ukraine, the Kremlin has focused on erecting financial barriers, imposing macroeconomic discipline, currency detachment and support for import substitution.
Even as Covid-19 hit middle-class families, Moscow tightened its financial grip.

Consequently, Russia’s foundations appear to be in decent shape compared to other countries, with fairly low debts, nearly $640 billion in global savings, and financial luxury equivalent to about 12% of its economic production in the form of a national fund of wealth reinforced by profits from hydrocarbons. Importantly, self-sufficiency has also improved, with Russia being a net supplier of agricultural products for the first time in the post-Soviet period in 2020.

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