But Russia, Brazil, and China are expected to have the cash and domestic growth to weather the storm.
Oil-pipeline routes, market leverage make struggle a 'battle for energy.'
This week's offensive is the latest setback to plans for the Nabucco pipeline, designed to wean Europe off Russian energy giant Gazprom.
JP Morgan Chase & Co. downgrades Russian stocks as government looks set to nationalize private steel and oil companies.
Russia's success in soccer and hockey is credited to petrodollars flowing into sports.
Production dropped this year after reaching a post-Soviet high in October. On Monday, Putin's newly convened cabinet made the issue its first order of business.
The new president, a savvy lawyer who likes Led Zeppelin, faces rising corruption and decaying national infrastructure.
Russia's new president loves Deep Purple, shuns alcohol.