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OSW Commentary | | Iwona Wiśniewska

Putins elite divides the spoils in Russia large-scale nationalisation and re-privatisation of assets

The war against Ukraine and sweeping Western sanctions have triggered another major wave of asset redistribution in Russia – one of the largest since the collapse of the Soviet Union. The actual scale of this process is difficult to…
OSW Commentary | | Iwona Wiśniewska, Filip Rudnik

Russias budget under pressure from low oil prices

Since the beginning of 2025, Russian oil exporters have faced difficulties that are negatively impacting the state’s oil and gas revenues. Sanctions, combined with a strong rouble and falling global oil prices, are increasingly…
OSW Commentary | | Iwona Wiśniewska

The costs of war are driving the economy Russias economic situation in 2024

The sharp increase in wartime budget spending in 2024 has helped to sustain Russia’s high economic growth rates, particularly double-digit growth in manufacturing industries serving the military. However, the number of economic challenges…
OSW Commentary | | Iwona Wiśniewska

Russias budget for 2025 war above all

On 21 November, the State Duma approved, at the third reading, the draft federal budget for 2025 and the general parameters of the 2026–27 budgets. Expenditure will increase for another consecutive year, primarily due to spending on…
OSW Commentary | | Iwona Wiśniewska, Maciej Kalwasiński

Russias weak spot the financial sanctions are working

Since December 2023, the US administration has been increasing its pressure on Russia’s financial sector and its foreign partners. This has made it progressively more difficult for the Russian Federation to pay for imported goods and…
OSW Commentary | | Iwona Wiśniewska

War is the top priority Russia is facing increasingly serious budget problems

Public funds became the most important lever of economic activity in the Russian Federation when it invaded Ukraine and due to Western sanctions. According to the Russian finance ministry’s estimates, the total value of budget support for…
OSW Commentary | | Maria Domańska, Iwona Wiśniewska, Piotr Żochowski

Caught in the jaws of the russkiy mir Ukraines occupied regions a year after their annexation

Although Kremlin propaganda has attempted to present the occupied Donetsk, Luhansk, Kherson and Zaporizhzhia oblasts as permanent elements of the Russian Federation (RF), Russia’s policy towards them has been characterised by violence and…
OSW Commentary | | Iwona Wiśniewska

Russia is weaponising food

The Kremlin has made further attempts in recent months to use the food market to intensify pressure on the West, primarily in order to ease the sanctions imposed on the Russian Federation. For example, Moscow is again threatening to pull…
OSW Commentary | | Iwona Wiśniewska

Russia funding the war eases the consequences of sanctions

Preliminary estimates by Rosstat indicate that in Q1 2023 Russia’s GDP decreased by 1.9% y/y, although earlier in its report the Central Bank of the Russian Federation (CBR) estimated the decrease at 2.3%.
OSW Commentary | | Iwona Wiśniewska

The silence of the lambs Russian big business in wartime

Russia’s invasion of Ukraine and the sanctions that followed it have brought multi-billion losses to Russian big business. The magnitude of blows dealt to its main representatives has resulted in a shift in the business model they have…