Russia’s hidden economic weak points: What to watch in 2026

Hello! Welcome to your weekly guide to the Russian economy, written by Alexandra Prokopenko and Alexander Kolyandr and brought to you by The Bell. This week we run through ten potential signs of stress in the Russian economy, highlighting what to watch in 2026 as the war drags into its fifth year.

How to spot Russia’s economic troubles lurking beneath the surface

The Russian economy is going into 2026 with stability on the surface, but fatigue lurking underneath. The situation is still manageable: the budget deficit has not spiralled out of control, the banking system is stable and unemployment is minimal. But this facade conceals increasing structural tensions — financial, regional, sectoral — and holes that can no longer be filled by reserves or war-fuelled growth.

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