Oil wealth a blessing, but dependence on energy a curse for Russian economy

Moscow

ABUNDANT oil and gas deposits have been a blessing for Russia, but they now feel like a curse as low prices propel the country into a deep economic crisis that shows no signs of abating.

The rouble fell to a record dollar low this past week as global crude prices slumped to 12-year lows, highlighting at once Russia's vulnerability to changing oil prices and the fact that President Vladimir Putin's government has squandered opportunities to diversify the economy.