Economy has adapted. The Russian economy has weathered the combination of low oil revenues and sanctions relatively better than many had expected. Today the economy is drifting out of recession. Voluntary sanctions have been very damaging. One of the biggest issues with the sanctions is the perception
that Russia is a dangerous place in which to invest or conduct business. These voluntary sanctions have been just as damaging to the economy and are a serious impediment to recovery. Economy is vulnerable without change. Failure to start the process of easing the financial sector sanctions risks the economy staying in a low‐growth environment and vulnerable to financial crisis. The Finance Ministry is warning that the Reserve Fund will be depleted by end‐2017 without changes.