Russia in Crisis: Implications for Europe

Serena Giusti

Chapter 13 in Europe and the Financial Crisis, 2011, pp 242-257 from Palgrave Macmillan

Abstract: Abstract The aim of this chapter is to point out the consequences of the global financial and economic crisis for the Russian Federation and its implications for the Russia-EU relationship, the pan-European space and the global balance. Russia has been dramatically hit by the crisis, proving its high integration in the global market. There is not a Russian ‘exceptionalism’. The crisis was expected to have serious political implications in Russia where the legitimacy of the ruling elite broadly depends on the country’s economic performance. Furthermore, since the first of Vladimir Putin’s terms of presidency, the return of Russia among the world powers has been mostly due to its economic rebirth. However, at least in the short term, Russia has reacted well to the external shock and it is already experiencing a recovery, albeit bumpy. The country’s ‘actorness’ has not been seriously hampered. On the international front, the crisis has been rather exploited, strengthening its influence and establishing profitable strategic alliances. The EU has only played a marginal role in its big neighbour’s post-crisis plans; relations between Moscow and Brussels are not becoming more involved.

Keywords: European Security; Export Revenue; Shanghai Cooperation Organisation; World Economic Crisis; Carnegie Endowment (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30500-7_14

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DOI: 10.1057/9780230305007_14

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