Russia faces a triple threat, rising inflation, soaring defence spending, and tightening household budgets. With inflation expected to reach 9 per cent this year and interest rates climbing to 21 per cent, many Russians are struggling to afford daily necessities.

Russia faces inflation, rising defence spending, and tight budgets

Russia's economy was 6.4% smaller in June than a year earlier, data showed on Friday, after a sharp contraction - revised upward to 10.7% - in May, when the country partially locked-down to stop the spread of coronovirus it was done.

COVID-19 hits Russian economy, second quarter's GDP down by 9.6%

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russia economic-crisis

Russia faces inflation, rising defence spending, and tight budgets

COVID-19 hits Russian economy, second quarter's GDP down by 9.6%