The huge inflow of petro-rubles finds no meaningful investment except corrupting Russia's tremendous bureaucracy and pouring money over the flashpoints of social discontent. Stagflation is in the cards and Putin may claim copyright for the original "squeeze-and-sweet-talk" recipe.
Baev, Pavel K. (2005) Idle Petro-Rubles are a Recipie for Stagflation, Eurasia Daily Monitor. 9 May.
