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The Russian Wartime Economy: From Sugar High to Hangover

Russia is muddling through the sanctions, with its economy impacted but not ruined and its defense industry able to maintain the current levels of attrition. Moscow hence sees no need to end the war, unless it leads to Kyiv’s capitulation on key political issues.

Report by Maria Snegovaya, Nicholas Fenton, Tina Dolbaia, and Max Bergmann — June 5, 2025

Down But Not Out: The Russian Economy Under Western Sanctions

Russia’s economy has been seriously impacted by Western sanctions, though its resilience has been continuously underestimated. Western policymakers should study the lessons learned from Russia’s economic adaptation and update their sanctions strategy accordingly.

Report by Nicholas Fenton and Alexander Kolyandr — April 11, 2025

Back in Stock? The State of Russia's Defense Industry after Two Years of the War

Two years into the war, Russia’s prospects have improved. By tapping into its Cold War–era stockpiles, Russia has ramped up domestic arms production. It has also solidified ties with China, Iran, and North Korea, importing dual-use goods and weapons from these countries.

Report by Maria Snegovaya, Max Bergmann, Tina Dolbaia, Nicholas Fenton, and Samuel Bendett (Contributor) — April 22, 2024

Seller's Remorse: The Challenges Facing Russia's Arms Exports

While Russian arms sales in areas such as missile and air defense systems, aircraft, armored vehicles, naval systems, and engines have historically been significant, recent trends show that exports in virtually all of these major weapons categories will decline.

Report by Max Bergmann, Maria Snegovaya, Tina Dolbaia, and Nicholas Fenton — September 18, 2023

Out of Stock? Assessing the Impact of Sanctions on Russia’s Defense Industry

Western sanctions are having an important battlefield impact. As the quality of the advanced Russian military equipment will continue to decline—at least over the near term—so will Russia’s ability to conduct offensive operations that require precision and coordination. 

Report by Max Bergmann, Maria Snegovaya, Tina Dolbaia, Nicholas Fenton, and Samuel Bendett (Contributor) — April 14, 2023

Russia Sanctions at One Year

As sanctions placed on Russia after its 2022 invasion of Ukraine continue to bite, there is growing evidence that these economic restrictions will have a significant impact on the country's economic development and will continue to raise the costs of Putin's war.

Report by Maria Snegovaya, Tina Dolbaia, Nicholas Fenton, and Max Bergmann — February 23, 2023