 Russia is at a crossroads. Its economy has grown rapidly, but is also vulnerable to global changes. Over the past year, the World Economic Forum and its partners have explored different ways forward for the Russian economy. Three dominant factors emerge. How will shale gas, new oil supplies or future demand shocks affect Russia's energy revenues? Will Russia be able to improve its institutions to support investment and innovation? How can Russia ensure that the needs of all its citizens are met? Different answers to these questions formed the basis for three challenging future scenarios for Russia. Institutional reforms come from local actors in Russia's regions. There are very few changes at the centre, but well-governed regions improve their business environment. Abundant natural resources are an asset for growth in an increasingly resource-constrained world. But how will the growing gap between rich and poor regions play out? Falling oil prices hit Russia hard. In reaction to this, the government nationalises parts of the economy. By tightening its grip, it tries to maintain jobs and creates a sense of stability with much of the population. But can it make this new form of state capitalism work? The proceeds of an oil price bonanza postpone Russia's demands for institutional reforms. They're satisfied with increasing prosperity and consumption. In the long term, however, these large windfalls cannot prevent Russians wanting greater social returns on their increasing wealth. Can a divided elite respond to these demands? Each of these scenarios presents challenges and opportunities that can be seized if Russia and the world are ready to embrace them.