The anxiety comes as Russia's inflation remains high, and the country's massive defense spending jostles with social spending.

But Dr Gokay added that Putin was able to present this as a positive: “He stated that the Russian economy was stable, and contrasted it positively with slow growth in Europe. He acknowledged that growth was slow, but framed it as a strategic choice to preserve the economy’s quality and macroeconomic stability.

Oil revenue is a key part of Russia’s economy, allowing President Vladimir Putin to pour money into the war effort against Ukraine without worsening inflation for everyday people and avoiding a currency collapse.

China buys Russian oil and gas at steep discounts while supplying Moscow with machinery and electronics as Western sanctions tighten.

Russia's economic growth rate is undergoing an expected slowdown this year, Russian President Vladimir Putin said on Monday. "This year, the growth rate of the Russian economy has passed the expected stage of slowdown.

They stressed co-production and co-innovation, expansion of the export basket, finalizing an FTA with the Eurasian Economic Union, and revitalizing connectivity projects.

The time has come for Trump to call Putin’s bluff. Just as important, it is time for the president to recognize that Ukraine holds more cards, relative to Russia, than he might have realized. The Ukrainian frontlines can outlast Putin’s crumbling economy.

Since early December, the Russian ruble has continued to strengthen against global currencies: on Dec. 7, it reached a value of only 76 rubles for one U.S. dollar, a figure unseen since May 2023. It soon dropped to 79 rubles per U.