The structural imbalances accumulated in the Russian economy over the four years of military aggression raise serious questions about the possibility of achieving the goal set by Vladimir Putin to resume economic growth in 2026. According to a Reuters analysis, the engines of growth are exhausted, and the state’s resources are virtually depleted.
The stability displayed in the years 2023–2024 was based on massive budget injections and significant revenues from the export of energy resources. However, in 2025 this resilience diminished: the economy is stagnating, and high interest rates and a high level of indebtedness severely affect the profitability of companies. The number of companies that can no longer repay their loans is increasing, while the low price of oil and the lack of economic growth reduce budget revenues.
For the current year (2026), economists expect a continuation of the economy’s slide down a downward slope, accompanied by an investment crisis and a general deterioration in the financial condition of companies.
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