For the eight years that he ruled Russia as president, Vladimir Putin enjoyed a fantastic run of luck. He presided over constant economic growth, steadily rising commodity prices – especially for oil and gas – and weak political opposition.

Today, he remains the most powerful man in the country, although he has ceded the presidency to his loyal supporter, Dmitry Medvedev, and taken the job of prime minister. But that means he is directly responsible for the economy when a sharp recession is in prospect. For the first time since he came to power, Mr Putin seems to be losing his sure touch.