The Russian economy enters 2026 in a state of external stability, but internal exhaustion. Formally, the situation remains manageable: the budget deficit is not out of control, the banking system is stable, and unemployment is at a minimum. But behind this façade are financial, regional, and sectoral problems that can no longer be mitigated by reserves or growth. The buffers that made it possible to mitigate the war-related problems of the economy are being exhausted.

In 2025, prices in Russia increased by 5.6%, in December - by 0.31%, according to Rosstat data published today. This is much less than at the end of 2024, when inflation was 9.52%. 5.6% is also less than what analysts surveyed by the Central Bank expected at the end of 2025. According to their forecasts, inflation at the end of last year should have been 6.3%. However, the Russian population does not yet see a slowdown in price growth.

THIS MATERIAL (INFORMATION) IS PRODUCED AND DISTRIBUTED BY THE BELL'S FOREIGN AGENT OR CONCERNES THE ACTIVITIES OF THE BELL'S FOREIGN AGENT. 18+ Last year, Japan was in favor with investors for the first time in a long time. The market, which for years was considered cheap but sluggish, is now benefiting from several factors at once - from corporate reforms and regulatory pressure on excess cash to earnings growth and the activity of activist investors.

THIS MATERIAL (INFORMATION) IS PRODUCED AND DISTRIBUTED BY THE BELL'S FOREIGN AGENT OR CONCERNES THE ACTIVITIES OF THE BELL'S FOREIGN AGENT. 18+ When the economy changes rapidly, traditional asset allocation approaches, such as the classic 60/40 portfolio, don't work. Then it's time to consider more complex strategies.

Norway considers the handing over of the Nobel Peace Prize medal to Donald Trump by Venezuelan oppositionist Maria Corino Machado a sign of extreme disrespect. In essence, this is a “senseless and pathetic” gesture, ex-politician and professor of political science at the University of Oslo Janne Haaland Matlari said on national TV.

The European Commission is discussing the abandonment of common requirements for joining the EU in order to include Ukraine in the union under a shortened procedure. This is causing outrage in some European capitals, writes FT. EU membership in 2027 is spelled out in the current draft of the 20-point peace plan for Ukraine. There is an understanding in Brussels that President Zelensky needs this clause in order to “sell” other, not so pleasant clauses within the country.

The Federal Tax Service has postponed the launch of a system that should automatically determine which individuals are tax residents of Russia, RBC reports with reference to the agency’s activity plan. Instead of the end of 2025, the documents now indicate December 2027 and subsequent years. We are talking about a mechanism within the framework of the AIS “Tax-3” , which should itself count the days of a person’s stay in the country based on border crossing data.

Russian businesses are having increasing difficulties in obtaining bank guarantees. This is another signal of problems in the economy, and in the “protected” area associated with government orders Pexels