Russia’s wartime economy is under growing pressure.

Military spending has pushed up the budget deficit.

Growth has slowed, and consumers and businesses feel less hopeful.

But economists say this does not mean a collapse is near.

High oil prices, helped by the Iran war, keep money coming in for now.

Unemployment is low, and the government spends money in poor regions.

This also limits public complaints.

That fits the Kremlin’s message of stability.

A parliamentary election is held Friday through Sunday.

Still, economists warn that longer-term problems are weakening the economy’s foundations.

They say these problems could one day cause a crisis.

Consumer sentiment has fallen since its 2024-25 peak.

Gasoline prices are higher.

Ukrainian drone strikes have caused shortages and hit refineries.

Strikes on online retailers Wildberries and Ozon have cost small businesses inventory and customers.

Growth has slowed from over 4% in 2023-24.

The government expects 0.6% this year.

The Levada Center’s consumer sentiment index fell to 94 in the summer.

It was 116 in 2025.

In Moscow, voters mostly mentioned pensions and prices.

The budget deficit reached 2.8% of annual output by late July.

That is almost twice the target.

Reserve fund resources have shrunk to 1.6% of GDP.

This has forced domestic borrowing at rates up to 17%.