Russia in Crisis: Implications for Europe

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.

We need to make maximum use of the benefits and opportunities of cooperation in the period of post crisis development.

(Putin, 2009a: 1)¹