Putin’s Booming War Economy Poised for Soft, Bumpy Landing

President Vladimir Putin’s invasion of Ukraine triggered an economic boom in Russia built on the back of government stimulus. Almost three years on, there are gathering signs the bill is about to come due.

The mood in Moscow and other cities remains upbeat with packed restaurants and busy luxury stores, but a combination of record-high interest rates and persistent inflation is increasingly threatening forecasts for another year of slower, but still war-fueled growth.