FILE - People walk through Red Square in Moscow on Monday, Aug. 24, 2026, near St. Basil's Cathedral, left, and the Spasskaya Tower, center.
As featured on
The frictions in Russia’s wartime economy are growing, as massive military spending balloons the budget deficit. Consumers and businesses are gloomier. Growth has slowed. And yet economists say none of that signals an imminent financial crisis or economic collapse. With crucial oil export revenues holding up due to high prices from the U.S. and Israeli war in Iran, the government is able to find the money to pay for its full-scale invasion of Ukraine, at least for now. But longer-term problems are still gnawing at the foundations of the economy — and that could eventually result in a crisis.