Low oil prices are a problem for producers, especially highly leveraged, high-cost producers. Producers with cushions, i.e., national wealth funds, such as Russia and Norway, will do just fine, if the low oil prices do not last more than 2 - 3 years.
Whereas Norway may no longer be capable of belt tightening, the Russians certainly are, especially if it is framed as a patriotic duty to fight Western Encroachments by NATO, EU and US.
The US has a strategic oil reserve which may be maliciously discharging some oil to add more chaos to pricing.
Low oil prices are be a boon for consumers, airlines, etc. Gasoline, instead of $3.75/gallon, is now $2.20/gallon.
On another note:
Russia is building a gas pipeline from east Siberian gas fields to west Siberian gas fields and from there to East Asia (China, Japan, etc.). It will be completed in about 4 years.
In 2013, about 80 bcm was sent via Ukraine to Europe, about 50% of all Russian gas to Europe.
Russia will complete a pipeline via the Black Sea to a gas hub on the Turkey-Greece border by 2017 to provide 63 bcm to Europe, but Europe will have to build about $10 - $20 billion of pipelines to come and get it.
Turkey is in NATO, but not in the EU. With anti-Muslim feelings in Europe increasing, Turkey will not be in the EU for decades.
The growing Turkish economy will get Russian gas at a discount and will use more of it.
Starting about 2017, Russian gasflow via Ukraine will be greatly reduced and will become minimal, i.e., a few bcm, by 2020, when Russia will have established major gas flows to East Asia. Ukraine's $2.4 billion/yr in transit fees, paid by Gazprom, will become near zero.
Over the past 24 years, Europe, especially Germany, has established many businesses in Russia to produce goods and services, and has exported goods and services to Russia. That business has been very profitable.
Europe will lose most of the very big, profitable Russian market to other countries, largely due to the EU overexpanding its influence into east Europe, thereby dismissing and encroaching on the traditional spheres of Russian influence.
Europe is more or less trying to acquire dysfunctional, bankrupt, corrupt, oligarch-run Ukraine, to do the same as in Russia after 1990, except on a much smaller scale.
Europe may also need to import more LNG from politically unstable countries, which is much more expensive than gas from Russia.
Those headwinds will adversely affect Europe's already weak economy for decades.