Russia’s war in Ukraine continues unabated, despite international efforts to broker a peace settlement. Nearly four years of full-scale war have taken a staggering social, humanitarian, and economic toll, with real GDP in 2025 estimated at about 20 percent below pre-war levels. The authorities have managed to maintain overall macroeconomic and financial stability, thanks to skillful policymaking and substantial external support.
International Monetary Fund. European Dept. (Sun,) studied this question.