Inside Russia's Wartime Economy

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What does the Russian wartime economy look like beneath the official data – and what are the implications for regime stability? In early June, President Putin took to the stage at the St Petersburg International Economic Forum – Russia's flagship annual showcase for investors and international media – and delivered a characteristically assured account of an economy not just surviving but adapting. Sanctions, he suggested, had been absorbed. Western predictions of collapse had amounted to little more than wishful thinking. But if we look more closely at the current state of the Russian economy beyond the Kremlin narratives, the picture is more distorted. This is a classic war economy where…