Vladimir Putin has represented Russia across the globe but even with the renewed interest over the country – both good and bad – talks about the downfall of the Soviet Union has resonated once more. According to some, Russia may be overextending itself when it comes to its territorial ambitions and things at home are not looking bright under Putin’s leadership. Is the end for Russia?
Under the leadership of Putin and starting the early 2000s, the Kremlin decided to consolidate a resurgent Russia’s economic power among some business elites. This has failed to diversify the economy and reduce the country’s reliance on oil.
Additionally, the seemingly apparent authoritarian rule drew dissent including downturn in global oil prices send the finances of the nation tumbling down.
According to US News, Russia may be overextending itself given its recent deployments in Syria. Some of its decisions including the situation in Europe is also drawing hostile reaction from other world powers with Putin even claiming that “Russia and the West are on a course for a new Cold War.”
“Despite the progress we’ve made together since the end of the Cold War, Russia has in recent years appeared intent to erode the principled international order that has served us, our friends and allies, the international community, and Russia itself so well for so long,” said Defense Secretary Ash Carter.
“We do not seek a cold, let alone a hot war with Russia. We do not seek to make Russia an enemy,” Carter said. “But make no mistake; we will defend our allies, the rules-based international order, and the positive future it affords us.”
In another report from Bloomberg, it appears that Russia is indeed looking for additional friends as relations with Europe turns to sour. According to the report, Putin is stepping up efforts to look for “friends” including financial support from Asia to pull Russia out of recession.
It also appears that Russia is eager to earn money as Putin hosted summit with leaders from the Association of Southeast Asian Nations. As explained by Yaroslav Lissovolik, chief economist at the Eurasian Development Bank, ASEAn states are linked to arge current-account surpluses and reserves which could offer “considerable potential for using these resources in the Russian economy,” especially in development of infrastructure.
“We are ready to work together constructively in the interests of all of our countries and our peoples,” Putin said. “I have no doubt that we will succeed.”