Russia's economy is holding up despite massive Western sanctions and foreign businesses pulling out of the country.
Pedestrians walk past a mannequin in a window of a fashion store in Tverskaya street in Moscow, Russia, Wednesday, March 6, 2024. The economy's resilience in the face of bruising Western sanctions is a major factor behind President Vladimir Putin's grip on power in Russia. – Russians are finding a few imported staples, like fruit, coffee and olive oil, have shot way up in price. Most— or been reincarnated as Russian equivalents under new, Kremlin-friendly ownership.
Brand manager Irina Novikova, 39, was upbeat despite higher prices in stores: “More domestic products have appeared, more agricultural products. Yes, we all see that Planned government spending this year is roughly twice what it was in 2018. Yet the deficit remains manageable as taxes and “The economy plays a very important role in all of Putin’s elections,” said Janis Kluge, an expert on the Russian economy at the German Institute for International and Security Affairs. “For most Russians, who choose to ignore the war, the economy is really the biggest issue.”“is a signal that Putin can use vis-a-vis the other elites that he is still able to mobilize the masses. And for that, it has to be genuine and not just a manipulated number,” Kluge said.
“What matters is inflation,” he said. “And this is an issue where the regime actually did some preparation.”
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