As the worlds leading oil producer/exporter Russia is certainly being hurt by today's low crude prices. Russia's advantages are that they have very little debt compared to most producing countries and their raw materials & labor are priced in Rubles, which have been depreciated to roughly match oil prices.
Russian Arctic oil is estimated to cost as much as $120.00/bbl, while onshore oil production costs $18.00. I don't expect much (if any) Arctic oil to be pumped into today's market.
http://knoema.com/vyronoe/cost-of-oil-production-by-countryAt $18.00/bbl, the present Brent prices of >$48 are attractive & I assume that Russia will pump as much into the market as it possibly can. China can & will provide financing should Russia require it, but thus far Russia has been buying large amounts of gold on a ongoing basis, not the actions of a country overly worried about their balance sheet.
Russia's very low debt ratio & the backing of China leave it free of the concerns that many other producing nations face. Canadian tar sands are stuck between selling prices well below production cost & bills in American dollars that must be paid. They must keep pumping, even at a loss, just to keep the doors open. When prices normalize their debt load will be crippling. The Canadia Loonie, now trading at ~$0.75 doesn't have the same effect as the low Ruble. Canada's manufacturing sector had been gutted & would require huge financing, (in American dollars), to get back of it's feet. Canada has been reduced to being a source for raw materials, and with the global slowdown, raw materials are a glut on the market.
Frackers in the States may be in even worse shape since they may run out of oil even while they need to keep pumping at a loss. Without financing to drill additional wells & without oil being produced by existing wells, the future looks bleak. Financing costs will be ridiculous, but then why would anyone want to lend into that sector?
The Saudi's are borrowing money to finance their war as well as their domestic programs. Assuming that Saudi wells are bottomless, at some point they can throttle back on production, prices rise, debts are paid, and all is well. If the wells are not bottomless, if their war drags on, or if prices don't rebound, problems will arise.
The fact that they are borrowing indicates that they can't afford to continue pumping at these prices forever. Their domestic bills must be paid, so war may be the only optional expense that can be throttled back.
Russia has accepted that the sanctions will be in place for the foreseeable future and are working around them as best they can. Their counter-sanction against European food is building domestic production while keeping food inflation somewhat in check. Fighting against ISIS, whether in Syria or elsewhere, should be seen as a positive by the West, and is unlikely to draw further sanctions.
Russian oil and gas exports to Europe are as important to Europe as they are to Russia. Russians can more easily do without new BMWs than Germany can do without cheap Russian gas. Noise is made about the export and import of LNG, but LNG is ~300% more expensive than piped gas & Europe won't willingly pay the difference.
I'm convinced that American neo-cons saw Russia and Europe as two players that were gaining influence. By playing a little "Why don't you and he fight?", the US thought that they would then be able to concentrate on their real problem which is the growth of China.
Terry