Russia's Economy in Turmoil: Political Chaos, Currency Crisis, and Mercenary Mutiny

The recent revolt by the mercenary Wagner Group has raised questions about the stability of Vladimir Putin's rule in Russia. The country's economy, which has been targeted by Western sanctions since the invasion of Ukraine in 2022, has been propped up by record-high trade surpluses and energy revenues. However, falling oil prices and declining energy revenues are now posing a threat to Putin's presidency, as they have been the primary shield against sanctions and the main source of funding for the war effort and social spending. Experts warn that a collapse in oil prices could lead to further political instability and protests in Russia.