Having quickly recovered from the global financial crisis, Russia has consolidated its position among the BRIC nations (Brazil, Russia, India and China). The country’s ambition has always been to join the community of the world’s wealthiest industrialized nations. However, Russia’s gross domestic product grew by 3.4% in 2012, down from 4.2% in the previous year and forecasts of growth deceleration continue. Truly innovative solutions will be required if Russia is to avoid the middle-income trap.