What were the main challenges faced by the Russian economy during the period of economic crisis in the 2000s?

What were the main challenges faced by the Russian economy during the period of economic crisis in the 2000s?

During the period of economic crisis in the 2000s, the Russian economy faced several main challenges. These challenges included a decline in oil prices, which heavily impacted the country's oil-dependent economy. Additionally, there was a lack of diversification in the economy, with a heavy reliance on natural resources and a weak manufacturing sector. Corruption and inefficiency within the government and business sectors also hindered economic growth. Furthermore, the global financial crisis of 2008 had a significant impact on the Russian economy, leading to a decrease in foreign investment and a contraction in credit availability.