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The winter of 2014 is already an exceptionally cold one for Russia. "Black Tuesday" for Russia's financial markets occurred on Dec 16. The Ruble to dollar exchange rate dived to 80:1 at one point - a new historical low. Some western media claimed that the Russian economy was about to crash.

History always repeats itself. Back in 1998, the financial crisis originating in Southeast Asia soon swept Russia. The Ruble dropped sharply and foreign capital fled in a panic. Russia had barely recovered from the collapse of the Soviet Union at the time, and the financial crisis pushed its economy to the verge of collapse. However, as we have seen, Russia was not finished. After years of hard work, Russia was back on the road to development.

This year, even with the falling oil price and economic sanctions, the economic aggregate of Russia is still maintaining positive growth, with 1.7 percent growth in industrial production. At the same time, the grain harvest has hit a record high of 120 million tons. With almost 400 billion USD in exchange reserves and 150 billion USD in its reserve fund and national welfare fund as its "security cushion", Russia stands every chance of surviving its current financial difficulties.

If macro-economic data are not convincing enough, the daily life of ordinary people offers further proof. Although some media prefer to exaggerate public confusion and panic, in fact the people are happily welcoming the New Year. Many of the so-called panic buyers are middle men taking the chance to snap up cheap luxuries.

Most Russian people have remained calm in the face of the falling Ruble, and the Russian government has lived up to the trust of its people. By taking effective emergency measures, the government has successfully stopped the depreciation and the Ruble has regained nearly 30 percent in a short time. 　

The road ahead for Russia is destined to be tortuous. However, as long as the country has the right leadership and its people remain united, success and prosperity will not be far away. As the New Year approaches, Russia is still walking steadily towards a bright future. 

The article is edited and translated from《金融困難，難不倒俄羅斯》, source: People's Daily, author: Qi Yaou.