Russian Roulette Bonus Episode: The Russian Wartime Economy (Live Event Recording)
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Jun 26, 2025 Elina Ribakova, a non-resident fellow at the Peterson Institute for International Economics, and Vladislav Inozemtsev, founder of the Center for Post-Industrial Studies in Moscow, share insights on Russia's wartime economy. They explore the unexpected resilience of Russia amidst sanctions, the dual nature of oil dependence, and military funding's impact on inflation. The panel discusses labor shortages due to conscription and immigration restrictions, alongside the effects of volatile oil prices and new Western sanctions on economic stability.
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Banking Sector Paralyzed by Uncertainty
- Russian banking sector holds large private and enterprise deposits but fears investment due to high uncertainty.
- Banks avoid lending because no one knows the future, delaying economic growth.
Demographic Crisis Accelerated by War
- Russia faces demographic crises worsened by war and emigration.
- The Kremlin’s contradictory policies harm long-term human capital and demographic stability.
Declining Economic Discipline Risks Crisis
- Coordination in economic governance declined after initial wartime adjustment, causing currency instability.
- Effective management is crucial for Russia’s economic survival in 2024.