Russia can. Russia has vast alternative assets. They have got huge agriculture prospects, metals, minerals. Look at the map. You will see they have just about everything and they probably have things they don`t even know about yet.
You look at Venezuela, or Iran, or Mexico. It is much, much more difficult for them to switch quickly from oil to something else. But even for Russia, you do not do this overnight. Yes, Russia can change. Will they do it quickly? Of course not. It takes a long time.
Related exchange traded fund: Market Vector Russia ETF Trust (RSX)