Russia’s foreign policy has always been closely tied to the price of its primary export—energy. With oil prices hitting record lows, can the country afford Vladimir Putin’s foreign adventures?

Eurasia Center Director John Herbst joined Debra Cagan, a former deputy assistant secretary of defense, to write an op-ed arguing that plunging oil prices will constrain Russia’s aggressive policies towards its neighbors.

Putin, of course, is no democrat; he can choose to ignore public opinion. But with oil prices at inconceivable lows, the Kremlin will have to make serious decisions on where to invest what will be increasingly limited resources.

John Herbst, Debra Cagan


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The Eurasia Center’s mission is to enhance transatlantic cooperation in promoting policies that strengthen stability, democratic values, and prosperity in Eurasia, from Eastern Europe in the West to the Caucasus, Russia, and Central Asia in the East.

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