"I think currently Russia is in a very good situation," Anton Struchenevsky, senior economist at Troika Dialog in Moscow, told CNBC.com. "The exchange rate policy is more flexible than in 2008/2009, and it helps Russia to absorb external shocks."
The ruble fell 12 percent against the dollar in May, the biggest drop since January 2009, but in June it recouped most of the losses and is nearly flat year-to-date.
"Having lurched given the crisis in the euro zone, [the ruble] has pretty much recovered all its losses," Liam Halligan, chief economist at Prosperity Capital RF in Moscow, told CNBC.com.
"The Russian state has a very strong balance sheet," Halligan added, pointing out that Russia "hasn't printed any money."
Half of the revenues to Russia's budget come from the oil and gas sector, and taxation in that area depends heavily on the oil price on international markets. When prices decline, the Russian budget gets less revenue in dollar terms. But the budget is denominated in rubles, so a decline in the national currency helps to offset falls in oil prices to a certain degree.
Oil prices fell to around $83 a barrel from around $110 in February because of worries that the global economy would slow down as the euro zone debt crisis spread.
"Due to the devaluation of the ruble, the fall in oil prices was somewhat compensated," Struchenevsky said.
Growth Forecast Upgraded
The World Bank has upgraded slightly its economic growth estimate for Russia, forecasting growth of 3.8 percent in 2012 and 4.2 percent in 2013 in its June edition of the Global Economic Prospects. In January, the estimates were 3.5 percent for this year and 3.9 percent for next year.
Russia's macroeconomic data would make many euro zone politicians go green with envy. The country's economy grew by 4.3 percent last year, its sovereign debt is around 10 percent of gross domestic product, its budget had a deficit of 0.9 percent in the first three months of this year and its current account had a surplus last year.