Summary and Key Points: Russia’s war on Ukraine is devouring its finances. War spending now totals 16.8 trillion roubles ($238 billion) — nearly 40% of the entire 2026 budget — and Putin’s own finance minister, Anton Siluanov, has privately warned of a possible economic collapse, urging deep cuts to avert it.
-The deficit is the largest since the 2022 invasion, growth has flatlined at 0.4%, and analysts say Moscow is faking its books.
Challenger 2 Tank. Image Credit: Creative Commons.
Challenger 2 Tank. Image Credit: Creative Commons.