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\t\t\t\tRussia\u2019s Economy in 2026: More War, Slower Growth and Higher Taxes
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Last month, Rosstat said economic growth was close to zero in the third quarter.<\/p>\n
In November, inflation fell to about 6% from 7% a month prior, the steepest 12-month drop in 2025, according to Rosstat.<\/p>\n
The bank is targeting an inflation rate of 4% by 2027.<\/p>\n
Slowing growth has put pressure on Russia’s stretched public finances, prompting the Kremlin to raise taxes to tap the pockets of citizens and businesses in the hope of plugging last year’s budget gap of around $50 billion.<\/p>\n
Analysts forecast inflation to pick up again in early 2026 as a rise in value added tax (VAT) kicks in, contributing to upward price pressures.<\/p>\n
\t\topinion \t\t\t\tRussians Feel Inflation Is Higher Than Officials Say. Are They Correct? In the four years of war in Ukraine, Russian defense spending has skyrocketed, while its oil and gas revenues have been weighed down by sanctions.<\/p>\n In 2025, Russian military spending rose by 3% over 2024, representing around 7% of gross domestic product (GDP), the Stockholm International Peace Research Institute (SIPRI) estimated.<\/p>\n Last year, the U.S. unveiled some of the harshest measures yet targeting Russia’s energy sector, sanctioning its two biggest oil producers, Rosneft and Lukoil, to curb Moscow’s revenues and force it to end the war in Ukraine.<\/p>\n A Message from The Moscow Times:<\/p>\n Dear readers,<\/p>\n We are facing unprecedented challenges. Russia’s Prosecutor General’s Office has designated The Moscow Times as an “undesirable” organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a “foreign agent.”<\/p>\n These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work “discredits the decisions of the Russian leadership.” We see things differently: we strive to provide accurate, unbiased reporting on Russia.<\/p>\n We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help<\/a>.<\/p>\n Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It’s quick to set up, and every contribution makes a significant impact.<\/p>\n By supporting The Moscow Times, you’re defending open, independent journalism in the face of repression. Thank you for standing with us.<\/p>\n \n\t\t\t\tContinue\n\t\t\t<\/p>\n \t\t\t\t Not ready to support today? \u00d7<\/p>\n \t\tRemind me next month<\/p>\n \n\t\t\tThank you! Your reminder is set.\n\t\t<\/p>\n
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Remind me later.<\/p>\n