The Oil Weapon Against Moscow In 1986 the U.S. and Saudi Arabia raised production. That move contributed to the Soviet collapse. By Andriy Yermak March 26, 2024 4:09 pm ET Russia’s economy depends on the country’s natural resources, as it did in the Soviet era. Its growth depends on the price of oil—which contributed to the collapse of the Soviet empire and will determine Vladimir Putin’s current bid to restore the regime. It is oil that can thwart the Russian dictator’s revanchist ambitions.