I live in eastern Europe and I see what has happened. The Russian economy is destroyed by the drop in oil. Moscow city projects are at a halt and it is panic. Russia will not go back to the stone age but close.

Russian de-privatization of the economy

This was a code word for giving Russian industry to friends in government. They focused on oil and gas and did not diversify and upgrade their facilities.

Russian economy will need outside help

The Russians can not bail themselves out. They need outside help, the damage is too deep. If oil does not recover the economy will collapse.

Russian economic solution

If Russia did not play this imperialistic autocratic game but rather a more free market open to Europe and Asia and real free markets Russia would be a diversified economy that bridged east and west and resilient. However, it is not in the Russian culture to respect economic and political freedom like we have in the west. I think they fear their culture, which is very beautiful will be corrupted by the west. This is the state of the Russian economy.