The economy of the North – and Beyond

This analytical report provides an overview of the Russian economy as of mid-2025. It examines the impact of military expenditures, Western sanctions, regional imbalances, demographic constraints, inflationary pressures, and declining investment. The paper also considers the structural transformations underway in response to global economic shifts and domestic political priorities. Drawing on macroeconomic data and expert commentary, the report offers a nuanced interpretation of Russia’s current economic trajectory and long-term vulnerabilities.