Premise: I see that the site is for professional and academic economicists, and I'm neither. However, since I've been participating to other SE sites for some time now, I consider SE a trusted source, and reading here I think my question is on-topic, thus I'll take my chance and ask.
I was talking about Russia at work, and a coworker started saying that Russia is, and has been for a lot of time, in a deep economic crisis, nearly on the verge of bankrupcy. This guy is used to pretending he knows all about everything, thus I don't trust him. But, come to think of it, I noticed that I know very little about Russian economy: I don't know if it has a large national debt, who's the owner of that debt (Russians or other states?), whether it has a positive or negative trade export, etc.
On one hand, I guess Russian economy must have taken a blow from the failing oil prices, because lower prices => less profits for exporters like Russia (right?) and also because cheaper oil => less market for gas, which Russia also exports. However, shouldn't this be compensated by higher oil exports because of the lower price? I'm getting a bit confused here. Also, sanctions against Russia must take a toll on its economy.
On the other hand, Russia is considered a big international power. It has a lot of natural resources, and one of the strongest armies in the world. It seems weird to me that a nation "on the verge of bankrupcy" could mantain such a military power. Is my coworker really mistaking Russia for old Soviet Union? Or is he right, and Russia is actually down to its feet in a dramatic crisis?