While Russia is far from able to turn this crisis into an opportunity to soar to new highs, it is not doomed as many have suggested either. True, the ruble has fallen by about 50 percent. But any honest Russophobe would have to admit that with oil at $45 per barrel, Russia is coping relatively well to have a ruble-dollar rate of 69 and Central Bank reserves still close to $400 billion.
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