Oil was the key factor in Russia’s budget income and since prices collapsed in late 2014 the non-oil component is more important. Oil's share remains about half of GDP but the non-oil deficit is still too high.
Eight out ten Russians (82%) are still happy with President Vladimir Putin performance, according to the monthly popularity poll of the independent Levada Center.
Worsening relations between Russia and the West, plus pressure to meet Nato defence spending commitments, push up expenditure in Eastern Europe.
While Russian citizens annually invested over $2bn in 2013-2014, the silent crisis of 2015 caused investments to halve before reaching $870mn last year.
State lender indicates that there will be more than 200 participating companies across Russia.