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"The growth of the price of oil since 1999 was the prerequisite for the economic and political stabilization of Russia. As a result the international influence of Russia has increased. The enormous economic growth is the basis for a new selfconfidence among the Russian elite concerning foreign policy. During the last few years, Russia has serviced its foreign debts and built up a constantly growing stability fund. Thus the country has gained room to maneuver internationally and to participate in the mediation of international conflicts. But there are still considerable shortcomings in implementing comprehensive reforms of the economic structure by the Russian leadership. Corruption and inefficient administrative structures, including the increasing influence of the state on the economy, have hindered fundamental reforms. The high price of oil has contributed to delaying the readiness for more reforms in the short term. The Russian leadership did not use the years of growth to set important reform impulses. The major challenges for the Russian economic policy are to diversify its production structure, to stimulate private investment in all areas of the economy, and to increase public funding for infrastructure, the health system and education. In terms of the international framework, Russia intends to integrate itself in all important economic institutions and be on equal footing with other members. At the same time, for instance in the energy sector, Russia aims to either renegotiate the rules or, like with the WTO-accession, slow down the process. This is due to the increasing misgivings of parts of the elite about international integration, the interest to negotiate better conditions and the delaying of important economic reforms. The intervention of politics in the economy linked with a high regulation requirement undermines the build-up of trust in Russian economic policies." (excerpt)
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