Russia’s wartime economy loses steam as oil revenues fall and the budget deficit grows
After two years of robust growth fueled by military spending on the war in Ukraine, Russia’s economy is slowing. Oil revenues are down, the budget deficit is up and defense spending has leveled off. The Kremlin needs money to keep its finances steady — and it’s clear where President Vladimir Putin intends to get it: at the cash register, from ordinary people and small businesses. Story by Charlotte Lam.
After two years of robust growth fueled by military spending on the war in Ukraine, Russia’s economy is slowing. Oil revenues are down, the budget deficit is up and defense spending has leveled off. The Kremlin needs money to keep its finances steady — and it’s clear where President Vladimir Putin intends to get it: at the cash register, from ordinary people and small businesses. Story by Charlotte Lam.
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