“Everything for the Front, Everything for Victory”
Russia’s Economy at War
Deutsche Fassung
Abstract
Russia recorded economic growth, full employment, and a rising standard of living in 2023 and 2024. The macroeconomic data gives the deceptive impression that the war against Ukraine has had no negative economic consequences. Only stubborn inflation points to difficulties. Since spring 2025, however, there have been increasing signs that the civilian economy is stagnating, as the arms industry absorbs labour and capital. The sanctions imposed on Russia are having an impact on the national economy and on Russia’s material ability to wage war. If Russia’s oil revenues fall, this effect will increase. However, economic pressure alone will not dissuade the regime from continuing its war of aggression against Ukraine.
(Osteuropa 5/2025, pp. 5–26)