EconomyPutin has run out of moves

Russia is facing a prolonged bout of stagflation, with growth this year unlikely to exceed 1% and inflation stuck at 6% or more. The article argues that ending the war in Ukraine is the most promising route to economic recovery but the least likely to be pursued. Rising deficits, costly debt servicing and continued military spending could bring much higher inflation, a financial crisis, or both.

Russia economyVladimir PutinstagflationUkraine war

TThe Kyiv Independent★★★★☆2026-08-21 17:26Original