BBC News Online's Orla Ryan Russia's newly-appointed President Vladimir Putin has provided few concrete details about his economic policies. But many observers say that now is a crucial time for the Russian economy, when further reform is needed to cement the fragile recovery.
Oil is crucial to the Russian economy.
It is the biggest export, and tax revenues from oil and gas companies are vital in curbing the budget deficit. Since the currency crash in August 1998, Russia has weathered a debt crisis and the cost of financing the war in Chechnya. While many expected the country to dissolve into crisis following the rouble devaluation, it had some surprising effects. It gave a much needed boost to local manufacturers as imports became too expensive for the Russians. ING Barings Philip Poole said.