Up until now, the financial storm of August 1998 has defined the course of Russia’s economic development. Ten years later, despite a relatively stable economy and a plethora of precautionary measures implemented by the state to prevent history from repeating itself, fears of a new downfall persist in lieu of the worldwide credit crisis. But this time, the Russian banking system believes that it is strong enough to not only help itself, but also the whole economy to sustain any recession.
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