23 April 2026

Russia’s economy is still being portrayed as resilient — but beneath the surface, the cracks may be getting harder to hide.

In this latest conversation with Konstantin Samoilov, we break down the real state of Russia’s economy in 2026: worsening regional budget crises, rising inflation, declining public services, labour shortages, hidden deficits, and growing pressure on Putin’s wartime system.

While official data still projects stability, many analysts argue that Russia’s economic model is becoming increasingly dependent on secrecy, state spending, and shrinking reserves. We explore what life now looks like across Russia beyond Moscow, why regional governments are struggling, and whether the Kremlin can continue financing both war and domestic stability at the same time.

We also discuss how economic pressure may change Putin’s political behaviour, the growing strain on industrial production, and why some believe Russia is entering a far more unstable phase. As Europe increases support for Ukraine and Russia faces deeper internal strain, the economic story may become just as important as developments on the battlefield.