Enough Rope for Russia

Lavrov also fleshed out general criticisms that Medvedev had voiced of U.S. financial markets and their influence on the world economy. A new world economic order "must also be multipolar and must include a more balanced distribution of finances and national resources," Lavrov said.

Russia is reported to be considering an effort to bring other natural gas exporters into an international cartel similar to the Organization of the Petroleum Exporting Countries. Venezuela and Iran are also said to be pushing the cartel idea for an October unveiling.

Energy exports have earned Russia massive foreign reserves. But the natural resources boom masks a general failure to develop other sectors of the economy.

Industry has stagnated, while annual inflation runs at 12 percent. Reforms launched in the 1990s under former prime minister Yegor Gaidar brought growth in Russia to 10 percent. Now it has fallen to about 7 percent under Putin and Medvedev.

In short, the Russian economy has feet of clay that will prevent the Kremlin from dominating a new world order for very long -- if at all. The effort expended and the animosities incurred in trying to remake the world quickly will put that goal beyond reach, as the United States has already learned.

The next U.S. administration should give Russia time and rope enough to prove it again. Either John McCain or Barack Obama can play a long game in which Russia is taken seriously but not necessarily on its own terms.

jimhoagland@washpost.com