Economy News War Driven Economy Is So Hot, Russia Is Now A High Income Country

Russian lawmakers approve tax hike bill to boost economy as the war with Ukraine nears 4 years

Russian lawmakers have endorsed new tax hikes as Moscow tries to boost its economy during its almost four-year war with Ukraine. Read More

Russian Economy Barely Grows in Q3 as War Spending Bites

Russian economic growth was close to zero in the third quarter, the state statistics agency said Friday, as the costs of the Ukraine war and Western sanctions start to bite. Bloated military spending ... Read More

Sanctions' failure drives de-dollarization and Russia's advanced evasion network

OANDA reports that Western sanctions on Russia have failed to collapse its economy, leading to de-dollarization and advanced evasion tactics by Russia. Read More

The Cracks in Russia’s War Economy

To sustain its war against Ukraine, Russia militarized its economy. Although—contrary to popular belief abroad—the Russian economy is not on a full wartime footing, the Kremlin has both splurged on ... Read More

Russia's small businesses cry foul over war economy tax hikes

Russia plans to drop tax breaks for small businesses in 2026 Business lobbies say the sector is a shock Economists say measure will create a 'tax spiral' Small businesses, economists warn of closures, ... Read More

New economic troubles hit Russia’s war-weary economy

When Vladimir Putin ordered the full-scale invasion of Ukraine in 2022, he likely did not consider that the war he was starting would last for years. That war has cost Moscow a lot of men and material ... Read More