Oil is the only driver of Russian GDP

So what has President Putin done for the Russian economy over his more than two decades in power? Shockingly very little. The chart below shows Russian GDP and the average annual oil price. As you can see, oil prices have done all the heavy lifting for the economy. Russia is only the 11th largest economy in the world, and its ranking will fall fast as sanctions take hold. Our thoughts and prayers remain with the brave Ukrainians who are valiantly holding off a tyrant.