Norway has been more prudent. Not a cent of oil revenue is used for budget spending, it merely spends the returns on the hundreds of billions of oil wealth saved in the past.
But lower returns means petroleum investments are likely to fall, cutting future state revenues.
"Growth in Norway's mainland GDP will be much lower than we've been used to," central bank governor Oeystein Olsen told Reuters. "(Oil field) profitability is starting to become much more marginal."
For Japan, with a central bank pumping out money to get prices up, the story is a mixed one.
As a huge fuel importer, low oil will help the economy but it may not be enough to nudge Japanese households and companies, who hoarded cash during nearly two decades of deflation, to spend.
The oil rout complicates life for the Bank of Japan as it strives to get inflation from below 1 percent to a 2 percent target. But it sees more positives than negatives.
"Oil price falls would weigh on overall prices in the short term. But from a somewhat long-term perspective, they will help narrow Japan's output gap and lead to an uptrend in prices," BOJ Governor Haruhiko Kuroda told business leaders on Dec. 25.
Russia's travails have highlighted the divergent fortunes of the BRIC economies. Growth in China, the world's second biggest economy, is slowing and the authorities have already cut interest rates for the first time in two years.
Data on Friday put Chinese inflation at a near five-year low of 1.5 percent, reflecting economic weakness which is likely to prompt more stimulus.
"Deflation this year is definitely a risk," said Minggao Shen, economist at Citi in Hongkong.
Brazil is battling high inflation with punitive interest rates while India is seeking to improve upon growth which is topping 5 percent annually.
With oil accounting for nearly a third of India's imports, its current account should improve and inflation fall.
The oil rout allowed Prime Minister Narendra Modi to end government price caps on diesel in October. That actually led to a sharp fall in pump prices for the fuel that drives rural tractors and urban SUVs, boosting personal disposable income.
But insofar as low oil reflects slowing global growth, there is also a warning sign for an export-oriented economy.
"The slump in world oil prices represents an estimated transfer of around $1.5 trillion from global oil producing countries to oil importing countries and Asian oil importing industrial nations are among the biggest winners," said Rajiv Biswas, Asia-Pacific Chief Economist at IHS Global Insight.
"These positive factors will help to mitigate some signs of growth moderation in China in the second half of 2014, as well as weak growth in Japan."