The Russians Need a Word for Schadenfreude

But until then, “exhausted‘ will do:

Russia needs to reinvent its economic engine, as the current model doesn’t offer appropriate sustainable growth or incentives, Russian Prime Minister Dmitry Medvedev has said. Russia’s GDP does not match its capacity or ambition he added.

Russia’s economy is heavily dependent on oil and gas exports, and has taken a major hit since oil prices collapsed more than 60 percent since last June. On Tuesday both Brent and WTI dipped below $45 a barrel for the first time since 2009.

Oil is Russia’s main export earner, as well as contributor to the national budget.

Medvedev said the Russian government will increase support for non-oil industries such as information technology, nuclear energy, aviation, and space.

I eagerly await Russia’s first government-funded 486-class Intel clone.