Russia’s economy slows as war costs mount, budget deficit widens, and rate cuts near their limit

Five years into the full-scale war, the Russian economy has accumulated serious systemic problems. But that still does not mean it will collapse tomorrow: degradation takes time, and many of the mines that have been laid are slow to detonate. Economic indicators can genuinely be presented in an optimistic light as evidence of strength and resilience. But it is equally true that they conceal vulnerabilities and threats — above all for ordinary Russians. We break down what is happening in the e...