Economies, like Russia, blessed with resource abundance, do not usually perform well during the period of commodity price boom. e optimal policy of managing resource revenues prescribes to commit the permanent income rule to smooth the resource dividend in e ciency units and to smooth the real exchange rate. During the commodity price boom, Russia followed partially this prescribed policy, but the situation changed a er the crash of oil and gas prices in 2014. Possible ways to over- come the consequences of low oil and gas prices are discussed, paying particular attention to the lack of economic complexity and the need for diversi cation and capabilities for growth and development of the Russian economy.