I’ve talked previously about the extraordinary risk Russia poses to the global economy.  There are reports this morning that Russia might need to ask for a rescheduling of their debt repayments.  Russia is relying on $70 oil to meet their budget obligations this year.  With oil trading under $40 and unlikely to rally above $50 any time soon (in my opinion) Russia poses a serious risk to the financial system during 2009.  If only Putin could karate chop the debt….