Russia’s Economic Toll After 4 Years of War in Ukraine

Four years after launching its invasion of Ukraine, Russia’s economy has not collapsed — but it has fundamentally transformed. Western sanctions did not deliver a knockout blow. Instead, Moscow has adapted through military-driven growth, redirected trade flows, financial controls, and increased state intervention. The result: an economy increasingly dependent on defense spending, strategic partnerships, and wartime restructuring. Here’s a deeper look at how the war has reshaped Russia’s economy — and what long-term costs may still lie ahead.