Russian economy is stagnating amid high interest rates and severe fuel shortages, according to Handelsblatt. The squeeze raises concerns about the sustainability of war financing and could reverberate through global energy markets. Russian policymakers, central bank, energy firms, and Ukrainian military forces (via attacks on refineries). Further monetary tightening, possible fuel rationing, and continued attacks on energy infrastructure may deepen the crisis. Russian economists warn that the combination of tightening monetary policy and dwindling fuel supplies is pushing the economy into stagnation, even as the financing of the ongoing offensive remains secure for now. The Handelsblatt report cites official data showing flat growth and notes that Ukrainian refineries have been knocked out by drone strikes, worsening Moscow’s own gasoline shortages. While the war effort is not yet at risk, the macro‑economic strain could limit future military spending and affect domestic consumption.
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