Briefing Oil prices, ruble, inflation all bite Russia, but how badly? (+video)

Between Western sanctions and plummeting crude oil prices, things are looking grim for Russia's economy. But Russians appear prepared to weather the storm.

By , Correspondent

Alexander Zemlianichenko/AP

Russia's petroleum-dependent economy is facing a perfect storm of bad news, brought on plunging global crude prices and an ever-tightening set of Western sanctions imposed over the Kremlin's Ukraine policy. The Kremlin, which failed to diversify the economy fast enough during the fat years, now faces the urgent task of carrying out painful economic restructuring and public belt-tightening at the same time. If it doesn't, it risks losing the political and social stability that have been the hallmarks of the Vladimir Putin era.