Will a shrinking economy force Russia to pursue reform?
This, however, would soon prove to be an illusion. At first, Putin and his allies in the Kremlin continued to act invincible, either in denial or opportunistic about the threat the crisis posed. But as the crisis deepened, more liberal figures close to President Dmitri Medvedev were able to push through an initial round of much-needed economic policy adjustments. The third phase of the Russian response will become clear over the next few months, as the Kremlin chooses either to continue down the path of reform or to halt structural changes.
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