Stubborn inflation, exorbitant borrowing costs, bankruptcy risks and a growth slowdown: the Russian economy is facing a slew of negative headlines, as the costs of the Ukraine war and Western sanctions mount.

Since ordering an invasion in February 2022, Russian President Vladimir Putin has repeatedly touted the "failure" of sanctions and hailed strong growth in the face of unprecedented uncertainty.

But going into 2025, that three-year run of mostly good economic news looks in serious doubt.