04/09/2026
Russia’s war economy is facing mounting pressure - but does that mean an economic collapse is imminent?
In a new article in Børsen, SITE’s Anders Olofsgård explains why the answer is more complicated. The Kremlin still has strong control over the banking system and continues to receive income from oil and gas exports. At the same time, growing cash withdrawals, pressure on banks, mobilization rumors and fuel shortages are eroding confidence and increasing the risk of a dangerous spiral.
Olofsgård’s assessment is that an acute collapse is not yet the most likely scenario. However, the system is becoming increasingly fragile, while the economy appears to be moving closer to stagflation - a combination of high inflation and weak or absent growth.
➡️ Read the full article (in Danish): https://borsen.dk/nyheder/udland/en-bestemt-maned-er-frygtet-af-russerne-og-nu-vokser-risikoen-for-en-farlig-spiral