Metamorphosis In Moscow

Hit by both Western sanctions and a sharp drop of crude oil prices, Russia suffered a severe currency crisis at the end of 2014 with the ruble being traded at 80 per $1. The Russian economy grew at just 0.6 percent in the past year, and an estimated drop of 4 to 5 percent in 2015. Dragging the economy out of the doldrums is the biggest challenge facing Russian President Vladimir Putin, whose high approval ratings gained by ＂taking back＂ Cdmea cannot last long under such conditions. Russia must find a way to salvage its economy.