In his New Year's Eve address, Vladimir Putin declared he was "certain that everything will be fine" for Russia as it faces ongoing challenges from the war in Ukraine.
While acknowledging the difficulties, Putin failed to provide a clear vision for the Ukraine conflict or the struggling economy, which has seen inflation soar and defense spending increase significantly.
The economic situation is dire, with a report indicating that Russia has earmarked 13.5 trillion rubles for defense spending, which is a third of the federal budget, illustrating the massive financial commitment amidst rising casualties.
An analysis from S&P Global highlighted that private equity and venture capital deals dropped by 39% from 2022 to 2023, signaling significant declines in private business activity due to the war.
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