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  1. Library Resource
    September, 2013
    Russia

    Russian economy has been growing at an
    average nominal rate of 6 percent annually for the past
    decade. Among the most important factors contributing to its
    expansion has been the skyrocketing cost of oil and gas. In
    2000, when Vladimir Putin took office, the cost of oil was
    approximately $20 a barrel; at the end of his term, it was
    five times higher. Meanwhile, the competitiveness of Russian
    enterprises has become increasingly fragile because of the

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