The Duran Podcast Russia, economic stability in time of conflict w/ Rhod Mackenzie
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Oct 11, 2025 Rhod Mackenzie, an independent analyst based in Russia, offers unique insights into the country's economy amid conflict. He reveals the striking contrast between Moscow's perception and local realities, particularly regarding fuel availability. Rhod discusses low unemployment and rising private incomes, while clarifying the limited daily impact of military operations on civilians. He also highlights Russia's strengths in nuclear and space technology, alongside successes in import substitution, and notes public confidence in leadership along with recent anti-corruption efforts.
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Moscow Does Not Equal All Russia
- Moscow petrol-queue headlines misrepresent wider Russia; local stations near Rhod showed no long queues.
- He notes that many foreign observers wrongly equate Moscow conditions with the whole country.
Low Unemployment And Rising Real Incomes
- Unemployment in Russia is exceptionally low at about 2.6%, indicating tight labour markets.
- Real incomes rose roughly 16% last year while inflation ran near 8.6%, improving purchasing power for many.
Inflation Falling And Debt Aversion Limits Borrowing
- Price growth has slowed and some previously high prices (eggs) have fallen sharply.
- High nominal interest rates curb borrowing, and Russians remain broadly debt-averse compared with western consumers.