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.

Although the rouble bounced back on Friday after a slight recovery of the oil market, the head of Russia's central bank, Elvira Nabiullina, publicly called for "structural effor…