Russia. I told you it was screwed

http://www.bloomberg.com/news/articles/2015-08-10/russian-economy-shrinks-4-6-as-oil-slump-risks-deeper-recession

And that's what they admit to. So imagine what the real contraction is.

I said it would take time for sanctions to work, but they increasingly are. The list of sanctioned individuals and companies is quietly growing, and increasingly Russia is being turned into an isolated economy. A lot of companies are going to grow increasingly reliant on government contracts and largesse. That would be fine if oil were over $100 a barrel and the coffers were full, but it isn't, and they're not.

It's going to be a long, slow, painful slide. Hopefully it won't lead to Putin lashing out, but he is a certifiable loon so who knows.