Is Russia’s economy cracking despite the Iran war windfall?
Summary
Russia’s economy has lasted longer than expected despite Western sanctions linked to the Ukraine war. However, its growth is slowing, the budget deficit is growing, and attacks from Ukraine are affecting the economy, even though Russia still has large financial reserves and benefits from higher energy prices due to the conflict involving Iran.Key Facts
- Russia’s economy has resisted sanctions but is now showing signs of strain after four years of war with Ukraine.
- Economic growth in Russia is expected to slow to its lowest level since 2022.
- The Russian government’s budget deficit is increasing.
- Ukrainian military strikes are increasingly impacting Russian economic targets.
- Russia holds over $300 billion in financial reserves that it can access.
- The conflict involving Iran has raised global energy prices, which benefits Russia’s revenues.
- The U.S. Senate has approved tariffs of up to 100% on buyers of Russian energy to limit Russia’s income.
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