Economists say Moscow and Putin won’t drain war chest any time soon


Men wearing military uniform walk along Red Square in front of St. Basil’s Cathedral in central Moscow on February 13, 2023.

Alexander Nemenov | Afp | Getty Images

The coming months will be critical in figuring out how Russia’s economy is holding up in the face of a new suite of sanctions, and for how long it can continue pouring money into its military assault on Ukraine.

Russia’s budget deficit hit a record 1.8 trillion Russian rubles ($24.4 million) in January, with spending growing by 58% from the previous year while revenues fell by more than a third. 

Industrial production and retail sales in December fell to their worst year-on-year contractions since the onset of the Covid-19…


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