• Admiration for Putin’s decisiveness has largely subsided in the West, but not totally. There are still people arguing Russia will come out the other end reinforced.
• While low oil prices will also produce problems in the US shale sector, it’s strange to close one’s eyes to the problems these cause in Russia’s energy sector.
• The fall in the ruble could, long-time provide a boost to non-energy production and exports from Russia, but not without serious reforms.
• And Russia first has to survive a rather acute crisis.
• Only if oil recovers and Russia embarks on reforms would it be a good place to invest.

Is Putin Winning The Oil War? | Seeking Alpha