The Russian economy is heavily focused on oil and oil products, but the OPEC issues (ie not acting like a cartel) means that the price of oil is low. Russia can bounce back, but only if external factors align or the whole economy is overhauled. After all, they can't build a trading economy as the EU is unwilling to trade freely with them (even before all the Ukraine stuff). Putin wanted that, and it would have stopped their overspecialisation, but alas.
Putin himself is in trouble, hence his sabre-rattling the EU (eg the threatening to nuke Denmark if it joins a NATO project) and long disappearance. I doubt the next Soviet throwback would be decent or strong enough (Putin has killed his rivals, remember) to not move beyond this 'create a cold war with the West to get support' phase.
That said, the EU (and also NATO) has as much to do with that Cold War mentality as Putin struggling to hold onto power - after the Ukrainian coup, the EU-recognised and pro-EU violent mob government saw it as such an either/or thing that they made Russiophobic laws, gave Russia pretty good cause to invade Crimea for the protection of the people living there who had been stripped of their rights. Putin never saw EU and Russia as either/or until his offer of a trade deal was rejected out of hand without a thought.