Russian President Vladimir Putin’s claim that he is unwilling to negotiate with “terrorist” Ukraine in early June caused a downturn in Russian markets as investors responded to the decreased chance of peace in the Kremlin’s war against Ukraine. The Russian economy’s militarization has not been sufficient to offset the economic damage from the war, and income from Russian oil exports is at its lowest level since February 2022 and continues to decline due to Russia’s international isolation. Top Russian officials and business leaders at the St. Petersburg International Economic Forum were vocal about the economic crisis in Russia as Putin continues to prioritize his imperial ambitions over the Russian economy.
Lack of Substantive Peace Talks Continues Russian Economic Downturn – Jamestown
