Russia’s war economy is a house of cards

Sign up for the War in Ukraine myFT Digest to stay informed on Putin’s efforts to end the war by accommodating his wishes, despite the financial instability of Russia’s war economy. With a surge in corporate debt and state-controlled lending, Putin’s illusion of funding the war without significant sacrifices is fading. As Russia faces mounting economic challenges and potential credit crises, the west must continue to block access to external funds to pressure Putin into choosing between his assault on Ukraine and his grip on power.

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