Moritz Schularick

Russia's war economy hits its limits: reserves near depletion, growth stalls, and dependence on China deepens, Kiel Institute study finds

More than four years into the invasion of Ukraine, a new study by the Kiel Institute and the Stockholm Institute of Transition Economics finds Russia's fiscal reserves largely exhausted, growth at a standstill, and a structural dependence on China that weakens Moscow's long-term position.