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In 2026, the Russian economy is not yet in decline, but it is in real trouble. War-driven growth is losing momentum, sanctions are tightening, financial reserves are shrinking, and uncertainty is increasingly shaping everyday life. What for a while looked like resilience is proving fragile, as the economic costs of the war spread beyond the battlefield. The illusion of resilience For years, the Kremlin has insisted that Western sanctions do not work and that Russia’s economy

The Kremlin’s planners prepared well for their full-scale invasion of Ukraine, building up currency reserves and later boosting growth through military spending. But the Russian economy is beginning to show signs of weakness as Moscow’s illegal war continues. For years, Russian state outlets and pro-Kremlin commentators have boasted of Russia’s great economy despite Western sanctions that greatly intensified after Moscow’s full-scale invasion of Ukraine in February 2022. In

Like the Russian opposition, economic sanctions are popular but ineffective. By Edward Lucas Foto: Vladimir VELENGURIN / KP Sanctions on...

Russia’s economy is under pressure, but the Kremlin does not want you to know it. Instead, Moscow has launched an all-out campaign of...