What you don’t know about Russia’s economy

2nd August 2023 / NewsBits
  • Nearly 18 months after the Ukraine war started, Russia’s economy appears to be humming along — baffling economists who predicted catastrophic outcomes following sweeping sanctions against Moscow’s invasion of Ukraine.
  • While some economists have questioned the quality and veracity of Russian data releases, a New York Times report on Monday offered a nuanced picture of the country’s wartime economy and how it’s helping drum up popular support for Vladimir Putin.
  • Russia’s economic strength so far is due to the Kremlin’s measures — the Times reported that Putin is boosting the production of military equipment and raising pensions, salaries, and other benefits for people who are not well-off. The state is also subsidizing mortgages.
  • Soldiers fighting the war are also earning far higher salaries than average earnings in poorer regions of Russia, the Times reported.


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