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Russia's current crisis, particularly the collapse of the ruble, reveals the fragility not only of the Russian economy, but also of the existing international order and the foundations of contemporary thinking about economic and political sustainability. Indeed, Russia's crisis was never supposed to happen – and its growing isolation gives it little stake in existing mechanisms of global governance.After the Latin American debt crisis of the 1980s and the Asian financial crisis of 1997-98 (which also affected Russia), emerging economies were determined to figure out how to avoid repeating that experience. Before 2014, Russia was performing well by all of these criteria.Last spring, the country's foreign reserves amounted to a healthy $472 billion, helped by a substantial current-account surplus; and, according to the Central Bank of Russia, the country's total foreign assets stood at $1.4 trillion, exceeding its liabilities of $1.2 trillion.In short, the world order is being recast – and Russia is losing its place.Russia is unlikely to be able to draw upon this emergency credit line in the current crisis.In short, both the Western-dominated governance mechanisms and the fledgling institutions of the BRICS have turned against Russia.
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