Policy Memos

The Current Russian Economic Crisis is Neither

Policy Memo:


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The ruble's imminent plummet, amid increasing revenue shortages and foreign debt, has been the focus of international attention toward Russia and elite domestic strife within Russia for the past several months. In their desperate attempt to find a solution, as well as to avoid taking (their share of) the blame, both sides have cited separate causes. International lenders claim that the primary source of Russia's economic ills is the government's poor fiscal policies, while Russian leaders attribute their woes to the unexpected fall in international oil prices and the financial turmoil in Asia. Still others blame the International Monetary Fund (IMF) itself for insisting upon a monetary policy that was ultimately untenable given Russia's social and economic conditions. [...]

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About the author

Professor of Political Science, Director, Islamic Studies Program
University of Michigan