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Beware the wounded bear that is Russia

The country has been hit by the oil-price collapse, and with its impending legislative elections, nationalistic rhetoric and cross-border geo-political tensions will spike.

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A banner in a military barrack in the southern Russian city of Stavropol, Russia. The writer warns against a potential escalation in international tensions. The most blatant sign of this is the rising tension between Russia and Turkey, itself related to the differences in their respective strategic views regarding Syria.

THE collapse in oil prices since August 2014 has highlighted the extreme correlation between such prices and the exchange rate of the Russian rouble. In addition, there have been geopolitical tensions, with sanctions and counter-sanctions having all but closed the international financial and

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