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The frictions in Russia's wartime economy are growing, as massive military spending balloons the budget deficit. Consumers and businesses are gloomier. Growth has slowed. None of that, however, signals an imminent financial crisis or economic collapse, economists say. With crucial oil export revenues holding up due to high prices from the Iran war, the government is able to find the money to pay for its four-and-a-half-year-old invasion of Ukraine, at least for now. Meanwhile, low unemployment and government largesse in poor regions help keep a lid on consumer grumbling. That picture suits the Kremlin's narrative of stability ahead of Russia's stage-managed parliamentary election that got underway Friday and concludes Sunday. But economists warn that longer-term problems are gnawing at the foundations - and could one day result in a crisis. Consumers and businesses are more pessimistic --------------------------------------------------------- Indicators of consumer sentiment hav
President Volodymyr Zelenskyy said Monday that Ukraine is ready to halt its strikes on Russian territory if allies can secure a genuine Russian commitment not to hit Ukraine's critical infrastructure. His comments came after US President Donald Trump claimed in a social media post that Russia and Ukraine had agreed "not to hit" each other's energy infrastructure, though Trump did not offer further details on the purported agreement. Russia did not immediately comment on Trump's claim. Previous efforts to broker even a partial ceasefire have repeatedly fallen apart within hours, with both sides accusing each other of violations. Trump did not offer further details about the agreement but it comes a day after the US president called on Zelenskyy to stop targeting Russian oil refineries and other infrastructure used to produce and distribute diesel, claiming the attacks are causing a global shortage. Diesel prices have surged in the US, and high fuel costs associated with the Iran war
Russian President Vladimir Putin is making all possible efforts to de-escalate the crisis in the Gulf and is in close contact with the regional leaders as Iran is retaliating with massive strikes on the US facilities and infrastructure on their territories, the Kremlin said on Tuesday. The US and Israel launched joint strikes against Iran on Saturday, assassinating 86-year-old Supreme Leader Ayatollah Ali Khamenei, alongside family members, including his daughter and grandchildren. Since then, Iran has targeted multiple US bases in the surrounding Gulf States. "Putin will certainly make every effort to facilitate at least a minor easing of tensions. In this regard, we discussed with virtually all of our interlocutors yesterday," the Kremlin spokesman Dmitry Peskov said. "Taking advantage of the dialogue we maintain with the Iranian leadership, (President) Putin will convey his deep concern regarding the strikes on their infrastructure to our colleagues in Iran," he added. According
The trade with the US in dollars does not contradict Russia's principle policy of use of national currencies in foreign transactions, the Kremlin said Saturday. Russia switched to the use of national currencies in foreign trade after its USD and Euro accounts were frozen by the West following the outbreak of the 2022 conflict with Ukraine and has been pushing for a global de-dollarisation trend. In an interview to the state-run TASS news agency, the Kremlin spokesperson Dmitry Peskov pointed that the dollar is the national currency of the United States, so its use in transactions with Washington will not conflict with the principle of transitioning to national currencies. "In general, yes," the Kremlin spokesman agreed with the thesis about the dollar as the national currency in Russian-American trade and that its use will not fundamentally affect Russia's interactions with its current partners. Amid reports of bilateral negotiations to expand economic cooperation between Moscow an
India is free to buy oil from any country, and there is nothing new about its decision to diversify its crude suppliers, the Kremlin said on Wednesday. "We, along with all other international energy experts, are well aware that Russia is not the only supplier of oil and petroleum products to India. India has always purchased these products from other countries. Therefore, we see nothing new here," Kremlin Spokesman Dmitry Peskov said while responding to a question. He was asked about US President Donald Trump's claim that Prime Minister Narendra Modi had agreed to stop buying Russian oil and switch to purchasing crude from the United States and, potentially, from Venezuela. A day earlier, Peskov said that Russia has not received any statements from India regarding the cessation of Russian oil purchases. Private Kommersant FM business radio noted that, unlike President Trump, PM Modi did not mention any agreement on stopping Russian oil imports. Igor Yushkov, a leading expert at th