Public concern about the economy is growing in Russia, yet dissatisfaction has not turned into protest
Once a showcase for investment, SPIEF now reflects wartime Russia’s ideological turn, where geopolitics, militarism and state control increasingly eclipse economic debate
The Putin regime remains resilient, but mounting economic, elite, and social pressures could over time begin to reinforce one another in destabilising ways
Russia's 2026 deficit looks alarming on paper, but cheap debt and deep reserves leave the Kremlin with room to spend more, not less
Putin spotlights economic decline as elections near, fueling elite tensions, pressure on government, and rising influence of security services
The Russian economy is gradually losing resilience and drawing down its reserves. The war in the Persian Gulf provides the Kremlin with temporary relief, but does not resolve underlying problems
Putin’s call for 'voluntary' business contributions is less about funding the war and more about reaffirming elite loyalty in an increasingly coercive system
Moscow hopes to maximise economic and geopolitical gains from the Iran crisis while avoiding the risks of a prolonged conflict
The Russian authorities are seeking sources of funding for the growing budget deficit, while preparing to tighten fiscal discipline and mobilise resources
After four years of war, Russia has hardened into a more personalist and repressive system, adjusted its economy to prolonged confrontation, and signalled readiness for a sustained standoff with the West
The key rate cut comes amid stagnation in the civilian economy and mounting fiscal risks from a stronger rouble and weaker oil revenues
Production, exports and revenues are declining; sanctions mostly changed how Russia sells, not how much it sells
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