The economy of the North – and Beyond

This article provides an independent analysis of Russia’s macroeconomic landscape as of spring 2025. It explores the interplay of structural weaknesses, fiscal imbalances, and external constraints under the pressure of sustained sanctions and militarized economic policy. Drawing on official data and expert assessments, the report outlines the mounting inflation, declining private sector vitality, and erosion of financial resilience.

Special focus is placed on Russia’s deepening technological isolation, demographic strain, and trade limitations. The article highlights the growing share of military spending, stagnation in civilian industries, and rising social vulnerability. It concludes that without structural reforms, strategic reintegration, and a shift in fiscal priorities, Russia risks entering a prolonged phase of stagnation and fragmentation.