The Russians are spending their new oil wealth like drunken sailors, I also understand the political elite, headed by Putin, has stashed and continues to stash billions in oil revenue in Swiss banks, as opposed to re-investing in their economy. When the wells slow down or the price of oil drops to $60 - $70 a barrel the Russians will be left with no new infrastructure desperately needed to further develop their macro economy. In other words, they’re screwing themselves.
“In other words, they’re screwing themselves.”
Actually, same old story, the Russian elites, cheered on by the Russian people, are screwing Russia up so badly that it falls way behind the rest of the world.
The Russians are being Russians. And old Communists still think and react like old Communists.