Will Russia's Financial Crisis be Worse than the 1990s?

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Silicon Bites Ep262 - Day 1,346 - 2025-10-31 | Russia’s War Economy Is Eating Itself. The Kremlin’s “military-Keynesian” sugar high is fading. The budget is creaking, sovereign reserves are thin, taxes are going up, and Russia’s elites are grumbling – but are they plotting? Given the risks of being found out, and the unfortunate consequences of that, probably not. As one economist put it: the state is pouring money into things “destined to be burned on the battlefield.” We ask: is the crunch now worse—politically, if not statistically—than the 1990s? And how long can Putin keep the elites onside while the economy consumes itself? ---------- SOURCES: Carnegie Politika — Alexandra Prokopenko, “New Budget Confirms the Russian Public Is Paying for the War,” Oct 1, 2025 Reuters — “Russian finance ministry proposes raising VAT…” Sept 24, 2025 Financial Times — “Russia to raise value added tax rate to 22%…” Sept 2025 Reuters — “Russia’s budget deficit… Jan–May 2025 1.5% of GDP,” June 10, 2025 Reuters — Central bank rate cut 50 bps to 16.5%, Oct 24, 2025 Meduza — “Raising the pressure: Trump is hitting Russia with sanctions…,” Oct 28, 2025 Meduza — “We expected the war to end” (elite attitudes), Jan 9, 2025 The Moscow Times — “Russia’s Labor Shortage Persists…,” July 31, 2025 The Moscow Times (wire/Reuters) — “Russia plans debut sovereign yuan bond,” Oct 31, 2025 ---------- SILICON CURTAIN FILM FUNDRAISER A project to make a documentary film in Ukraine, to raise awareness of Ukraine's struggle and in supporting a team running aid convoys to Ukraine's front-line towns. https://buymeacoffee.com/siliconcurtain/extras ---------- This is super important. There are so many Battalions in Ukraine, fighting to defend our freedoms, but lack basics such as vehicles. These are destroyed on a regular basis, and lack of transport is costs lives, and Ukrainian territory. Autumn Harvest: Silicon Curtain (Goal€22,000) https://car4ukraine.com/campaigns/autumn-harvest-silicon-curtain ---------- SILICON CURTAIN LIVE EVENTS - FUNDRAISER CAMPAIGN Events in 2025 - Advocacy for a Ukrainian victory with Silicon Curtain https://buymeacoffee.com/siliconcurtain/extras Our events of the first half of the year in Lviv, Kyiv and Odesa were a huge success. Now we need to maintain this momentum, and change the tide towards a Ukrainian victory. The Silicon Curtain Roadshow is an ambitious campaign to run a minimum of 12 events in 2025, and potentially many more. Any support you can provide for the fundraising campaign would be gratefully appreciated. https://buymeacoffee.com/siliconcurtain/extras We need to scale up our support for Ukraine, and these events are designed to have a major impact. Your support in making it happen is greatly appreciated. All events will be recorded professionally and published for free on the Silicon Curtain channel. Where possible, we will also live-stream events. https://buymeacoffee.com/siliconcurtain/extras ---------- SUPPORT THE CHANNEL: https://www.buymeacoffee.com/siliconcurtain https://www.patreon.com/siliconcurtain ---------- TRUSTED CHARITIES ON THE GROUND: Car4Ukraine - Providing 4x4 vehicles to Ukrainian warriors https://car4ukraine.com/campaigns Save Ukraine https://www.saveukraineua.org/ Superhumans - Hospital for war traumas https://superhumans.com/en/ UNBROKEN - Treatment. Prosthesis. Rehabilitation for Ukrainians in Ukraine https://unbroken.org.ua/ Come Back Alive https://savelife.in.ua/en/ Volunteer-run, US non-profit and UK charity supporting survival and recovery of Ukraine https://www.ukrainianaction.com/ Chefs For Ukraine - World Central Kitchen https://wck.org/relief/activation-chefs-for-ukraine UNITED24 - An initiative of President Zelenskyy https://u24.gov.ua/ Serhiy Prytula Charity Foundation https://prytulafoundation.org NGO “Herojam Slava” https://heroiamslava.org/ kharpp - Reconstruction project supporting communities in Kharkiv and Przemysl https://kharpp.com/ NOR DOG Animal Rescue https://www.nor-dog.org/home/ -----------