Even Putin concedes: ‘This golden era… can’t last.’

Much of Russia’s new prosperity can be traced to a single source. “Russia’s economy is about oil,” says Natalia Orlova, chief economist at Moscow-based Alfa-Bank. Oil and gas account for 65 percent of Russia’s exports and 60 percent of federal tax receipts. “Consumption is financed by oil revenues,” she says.

Russian President Vladimir Putin is the first to point out that this golden era of energy can’t last. “The main task of the government in the near term is to diversify our economy,” Putin said Oct. 25 in a three-hour, nationally televised question-and-answer session.
Philadelphia Inquirer