I should start by saying that this year the Russian economy suffered a sharp decline, 3.7% of the GDP. That's a lot. This year, 2017, by western and Russian predictions, the Russian economy will be back to about 1% of economic growth. It's not much, but still, it's an improvement.
The Russian budget is based on $40 per barrel of oil. The oil is now hovering around $45, $46, up to $50. It means there will be some surplus. This is still mostly natural resource-based because about 60% of trade is in this area.
At the same time, with regard to agriculture, Russia is becoming one of the biggest exporters of grain. It competes with Canada very successfully in this area. Also, it will soon become the exporter of meat. It competes with Canada in this area.
I could continue. First, the Russian economy is not as bad as we believe it to be. Second, it's not compatible with other emerging economies, but still, the volume of trade will be sustainable for some time to come. Obviously, for Russia, it's important to import high-level technologies, and those come from Europe and also China.
This gives you a picture of the economy in certain trouble, but the trouble is not big enough to say that Russia is not the biggest partner in the region with China. They can simply divide the turf in such a way that it will accommodate both the Chinese and the Russian interests in the region, as far as the economic sphere is concerned. That's how they are working toward this.
The Eurasian Economic Union is the vehicle for this advancement of Russia into the region—not political advancement, but economic advancement. I feel that this partnership with China will stabilize, to a certain extent, the Russian economy. The Chinese are going to invest very heavily in Russia's and Siberia's natural resources and land.
Where does this leave Europe? Technologies. Russia needs European technologies, if they don't come from other sources, and to sell gas to Europe.
This is the answer to your question. It's a concern, but the bottom of the crisis of the Russian economy, to me and to other experts, has already passed, at the end of 2016.