Russia Feels the Effects of Europe's Financial Crisis

Russia has begun feeling the effects of the European financial crisis. Not only has the crisis created an air of uncertainty about Russia's economic stability, it is also endangering the Kremlin's massive modernization and privatization programs. These programs, meant to attract foreign technology and investment into Russia's strategic economic sectors, depended greatly on European investment and cooperation. With Europe in financial chaos and complications arising for Moscow, the future of those programs — and of Russia's plans to resurge into the region — is uncertain.