The geo-economics of Russia’s bad harvest (Peter Frankopan – IISS)

Russia’s ability to export grain and fertiliser has remained one of its few sources of economic strength and international leverage since its invasion of Ukraine. Unlike hydrocarbons, these exports have been spared Western sanctions, providing the Kremlin with critical revenue and soft power reach. But an increasingly erratic climate is now threatening this advantage. Russia’s bad 2025 harvest is more than a weather event: it reveals the structural fragility of Russia’s war economy and the growing risks to a system built on fiscal buffers and fossil fuels. 

The geo-economics of Russia’s bad harvest