When Vladimir Putin came to power on New Year's Eve 1999, the price of an oil Russia exported was about twelve US dollars per barrel. The economy had crashed a total of just over a year earlier and Russia was forced to borrow hundreds of billions from the International Monetary Fund and the World Bank to avoid a complete collapse of society. 

Inflation was above 80 per cent per year. People's savings had been eradicated in the crash, old Soviet industries were closing at a rapid pace and it could take months before wages and pensions were paid.

"A drunk for president"

Well, this is what democracy is, and capitalism gave us. And a drunk for president, too. That was the conclusion for many Russians.

Then came Vladimir Putin, and everything was fine! A strong man who made sure it was orderly and ready. He was sober too. Wages and pensions began to be paid on time. They got taller too. But that wasn't really Putin's merit. That was the price of oil. After a few years with Putin, the price had gone from twelve dollars per barrel to over 140, export earnings had doubled.

Has done like Norway

But now? In January, Russia received $ 60 a barrel, now perhaps 25. The state budget will collapse if the oil price is $ 42. During the oil price boom, the country has both paid off its debts and built up a sound foreign exchange reserve, much like Norway has done. A year, or two, with such low oil prices, Russia can handle without major problems.

Assigns responsibility to local authorities

Putin now talks at least once a week on TV to the Russian people. He assures that the spread of the corona virus is under control and promises that everything will soon be as usual again. At the same time, he tries to transfer responsibility to the local authorities in all regions of Russia. But the economic downturn in the virus's tracks can last a long time. And what happens in Russia then?

When oil prices skyrocketed and the Russians got better, it was Putin's merit. If the standard of living is starting to fall even more sharply than in recent years as oil revenues are declining - is that Putin's fault?