As hard as it is to believe – given the strength of the “Russia-is-doomed” meme – Crude oil prices for Russia (in Rubles) are unchanged since February… This is important as all costs are Ruble denominated while revenues are USD denominated, leaving Russian oil companies’ margins insulated despite the dollar decline in price. In addition, the Russian government is easing the export taxes which further improve the profitability of Russian oil. So as US Shale Oil sector is destroyed by its USD costs, it appears Putin’s core energy industry is somewhat insulated…