"Sanctions Squeeze: Russia's Oil Revenue Dwindles as Military Spending Soars"

Russia's economy is facing challenges as it earns less from oil due to Western sanctions and spends more on its military. The Russian ruble has been affected, prompting an emergency interest rate increase to stabilize it. While some aspects of daily life in Moscow appear normal, businesses are turning to alternative suppliers and imports are rebounding through neighboring countries. The shrinking trade surplus and weakening ruble pose long-term economic risks, exacerbated by Putin's war spending. The Kremlin's ability to influence the exchange rate and recent oil price increases provide short-term stability, but the economy's dependence on oil and lack of foreign investment will hinder long-term growth and impact citizens' lifestyles.