Khodorkovsky & Lebedev Communications Center

Russia's economy is facing a huge stress test asserts Tim Wall, editor in chief of The Moscow News.

Finance Minister Alexei Kudrin discussed the "bleak situation" that Russia is currently in during a speech at the Peterson Institute for International Economics in Washington DC. Given the gravity of these problems, "it's understandable if Finance Minister Alexei Kudrin is not so concerned about being served a writ to appear in a U.S. court about the Yukos case."

The Kremlin asserts that they are close to reaching the bottom of the recession, but if oil prices plunge much below $50, the US banking system further declines or Europe enters into a worse recession, these hopes will not likely come true.