"At first glance, Russia’s economy looks strong. While the global economy was losing momentum and the euro area stuck in recession in 2012, growth in Russia was solid thanks to firm consumption. While average public debt in advanced economies exceeds 110 percent of GDP, Russia’s public debt is no more than 10 percent of GDP. Unemployment dropped to record lows and wages grew at a solid pace. However, a closer look reveals weaknesses. High oil prices accounted for a fair share of the recent achievements." (Quoted from paper)