Is Russia’s War Economy at Breaking Point?

Some of the numbers coming out of Moscow this quarter are setting off alarms in various corridors. There is some fundamental basis to this theory, but it’s also very ‘Western’ driven.  The Western theory is that we’re now seeing what happens when a military budget expands faster than the fiscal engine powering it. For the first time since the full-scale invasion began, Russia’s oil and gas revenues are not just underperforming, they’re actively undermining the Kremlin’s war strategy. Year-to-date,…