Over the weekend, the Financial Times ran a piece by Stefan Wagstyl on Russia’s economic situation that focuses on the contradiction of “serious weaknesses” at work behind the external image of its booming economy. The article may help to balance some of the more paranoid popular opinion regarding Russia’s increasing economic clout. “As Mr Medvedev says: “Russia today is a global player.” But, even a decade after 1998, Russia is not as strong as its rulers think. Only in the past year has economic output recovered to 1989 levels. Millions live in poverty, dragging average annual income per head down to $14,700 in purchasing power parity terms, compared, for example, with $16,300 in Poland.” Read the full article after the jump.