Today, Win Thin, emerging markets at Brown Brothers Harriman, said on Bloomberg Radio that Russia is essentially an oil economy, and that while not long ago its budget break-even was as $45 per barrel of Brent Crude Oil; the break-even now is about $117.
That is quite significant given the current Brent price and the price history.
This chart plots the price of Brent and the percentage performance of the Russia stock ETF (RSX).