As for the corporate sector, the Central Bank of Russia has said that the deleveraging of 2009-10 has made Russia companies more resilient to external shocks that trigger higher foreign borrowing costs.

FORBES: As EU Crisis Unfolds, Russia Bracing For The Worst

More recently, politicians have had to accept debt brakes and other devices to limit borrowing and many have submitted to external surveillance by independent monitors such as the U.K.'s Office for Budget Responsibility or, under the euro zone's Fiscal Pact, by the European Commission.

WSJ: What Will New World Order Look Like?