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[thagastan]

Putin embraced devaluation as a way to keep Russia afloat almost immediately after oil prices started to fall. The inflation tax that imposed on Putin's loyal voters has been harsh. At the same time, the government has been slashing costs in health care and education. The cuts may be small given the magnitude of the oil slump, but they show Putin is willing to transfer some of the hydrocarbon-related pain to the Russian people. It's a risky tactic, but it's better than the Soviet leaders' denial mode.