Moscow spends 40% of its state budget — nearly 8% of GDP — on the war. Oil revenues decline. Regional deficits widen. Military production has leveled off. The system holds, but pressure grows. 7/
Moscow spends 40% of its state budget — nearly 8% of GDP — on the war. Oil revenues decline. Regional deficits widen. Military production has leveled off. The system holds, but pressure grows. 7/
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