EconomyIs Russia’s economy cracking despite the Iran war windfall?

Russia’s economy has withstood Western sanctions longer than expected, but strain is emerging in the fourth year of the Russia-Ukraine war. Growth is forecast to slow to its weakest pace since 2022, the budget deficit is widening and Ukrainian strikes are penetrating deeper into the economy. Moscow still has more than $300bn in accessible reserves and is benefiting from higher energy prices linked to the US-Israel war on Iran.