United Russia’s election victory reinforces Putin’s grip on power

The sweeping victory for United Russia in Sunday’s parliamentary vote reinforces the view that President Putin’s grip on power hasn’t been shaken by two years of recession. The direction of policy is unlikely to change as a result. From an economic perspective, the key point is that while the deep structural reforms needed to boost growth prospects are unlikely, economic policymaking should remain fairly prudent. We expect fiscal and monetary policy to stay relatively tight.