After months of pretending that the economic turmoil is not likely to affect Russia, the government recently went public on the multiple ramifications of the crisis. It seems that virtually no sector or policy of the Russian state will escape unaffected. This Policy Brief raises several questions in regard to Russia’s foreign policy at a time of economic difficulties. Will it fall victim to the crisis or will the crisis re-energise Russia’s assertiveness? Will it mechanically adjust to the declining curve of the oil price or will it preserve its self-assertive tone while the economic crisis fuels the aggressive rhetoric? Stanislav Secrieru is Associate Researcher at the Center for East-European and Asian Studies in Bucharest and Fellow at the Institute for European Politics (Berlin) within the Study Programme on European Security.