Russia’s struggle to modernise from the starting point of Soviet mis-development generates risks and rewards in equal abundance. More 

Strategic question: Will there more open political competition, entrenching underlying stability?
Short-term question: Ahead of the 2007-8 elections, will there be a surge in rent-seeking behaviour by predatory bureaucrats and related business interests, damaging confidence in property rights and the investment climate? Rationale 

Strategic questions: Will there be progress on the structural reforms needed to improve the investment climate?

Will financing be available in the required quantity and through the optimal channel - namely, the domestic financial market?

Short-term question: Will investment rates continue rising through the election period?

Strategic questions: How severe are the symptoms of the 'natural resource curse'?

How strong is the political will to rein in the 'state mafia'?

Short-term question: Is there any prospect of a fresh 'administrative reform' drive after the 2007-8 elections?

Strategic questions: Will Russia achieve faster oil production growth, or even any growth at all?

Can Gazprom exploit the potential of its reserves both to meet existing customer demand and break into new markets?

Short-term question: Will minerals and forest products go the same way as oil and gas - back to dominant state ownership?

Strategic questions: How dangerous is the competition for influence in Russia's former colonies?

How well can Russia exploit the synergy with China?

Short-term question: Will there be international war in the Caucasus?

Strategic question: How seriously will societal problems such as high death rates, xenophobia and kleptomania damage economic performance in terms of labour inputs, labour productivity and 'animal spirits'?

Short-term question: Will the 'National Projects' on education and healthcare stop the rot?