In recent months, many western media commentators have suggested the Russian economy is in such serious trouble that President Vladimir Putin will soon have little choice but to end the war in Ukraine.
In December, the Washington Post reported fears among Russian businesses that interest rate hikes to combat inflation could bring the economy to a halt in 2025. More recently, an article in Politico suggested the reason Putin now seems ready to negotiate an end to the war is because he wants to “avoid a humiliating bankruptcy”.
