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The economic crisis has created a basically new situation. Russia should reduce its geopolitical ambitions, which have emerged in the last few years, as well as its national budget. The illusions of might, based on the possession of expensive commodities that everyone needs, are fading. There is no doubt that in a couple of years the demand for energy resources will grow again. But until then, Russia will have to go through another period of difficulties, whose outcome is not clear. Depending on its outcome, Putin's epoch will be viewed either as a time of lost opportunities, or as the eve of a real revival of Russia as a modern great power.
