Although I could usually care less about how something affects Russia’s economy, I have two fears now.
One, that they will not be able to afford the withering attacks on ISIS.
Two, someone like Putin tends to turn towards nationalism when things turn south. That leads to trouble.
The Saudi’s are clearly against Russia and Russian intervention in Syria and are pushing the oil price down to destroy the Russian economy and take out our domestic industry (a twofer).
I predict Russia will kill two birds with one stone by disrupting Saudi production.
The new rubble in Syria is good for the ruble.
Russia’s arms industry is second only to that of the U.S.A. I imagine order books, of Russian munitions makers, are filling up; given the live-fire demonstrations they’re putting on in Syria and Iraq.