Russians are waking up to the economic catastrophe of Putin’s war
21 May 2026
Featured in The Telegraph
Russia and Ukraine
This is a new, more difficult phase for the Russian economy. Almost every indicator that you can think of for the Russian economy is heading in the wrong direction. Russia is probably already in recession,” says Charles Hecker, an associate fellow in international security at the Royal United Services Institute...“There’s a gathering realisation that the militarisation of the economy will no longer make [it] grow,” says Mr Hecker.

