Episode Notes:

On this episode of The Russia Contingency, Mike Kofman is joined by Alexandra Prokopenko and Richard Connolly to discuss the state of the Russian economy in 2025. Although it has outperformed expectations since the start of the Russo-Ukrainian War, the Russian economy still faces significant long-term risks. In addition to other topics, the conversation explores the impact of oil prices, budgetary constraints, and increased defense spending in Russia.

Image: The Kremlin via Wikimedia Commons