A number of events over the course of this week have thrown Russia’s reform agenda and the 2012 presidential elections back into the spotlight. It’s still far too early to conclude whether Mr. Putin or Mr. Medvedev will prevail in 2012. But while the latter seems to offer the best hope for reform, powerful vested interests will make radical change difficult. In the meantime, Russia’s economy looks set to fluctuate with oil prices.
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