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As President Vladimir Putin looks out on to the world stage, he should be relishing Russia’s renewed status as a global player.

But when Putin looks homeward, he sees a different reality. Three months into 2015, Russia’s economic forecast ranges from gloomy to catastrophic. Yet in contrast to his aggressive response in Ukraine, Putin has been the picture of inaction domestically. He has intervened in the financial markets but not on Main Street, avoiding any hint of structural reforms.

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