Some of it is price of oil, sure. But if you're going to compare to Venezuela, you should be comparing PPP GDP, and not just GDP at exchange rate, which is kinda meaningless. Scroll down to "GDP at parity" here: https://www.wolframalpha.com/input/?i=venezuela+russia+per+c.... As you can see, price of oil alone doesn't guarantee that the economy will get any better. And Russian economy did get dramatically better under Putin. I go back every 3-4 years, and the country is barely recognizable now compared to how things were 15 years ago. I could now actually imagine living and working there.