Russia’s Wallets Join Ukraine War as Silent, Frugal Combatants

KEY POINTS

•The Central Bank of Russia reported that consumer spending growth weakened across most regions in late 2025.
•Wage growth slowed and labor demand dropped as officials warned the economy risks overheating.
•Oil and gas revenues, crucial to Russia’s budget, declined 34% year-over-year in November.

In an economic saga worthy of a Dostoevsky plot twist, Russian consumers who were splurging like it’s post-apocalyptic Black Friday after the February 2022 Ukraine invasion have suddenly decided to save every kopek. The Central Bank of Russia’s October-November report shows wallets clamming up despite near-historic low unemployment and inflation edging up like an annoying coworker. Even ministerial heavyweights like Elvira Nabiullina wagging fingers about overheating economies weren’t enough to keep the spending party alive, especially as oil and gas cash—Russia’s fiscal oxygen—fell 34% year-over-year in November. According to Sberbank’s alarmed CEO, the economy was 'definitely and strongly overheated’ in June 2024. Now, with wages slowing and labor markets cooling, Russians swap big buys for promotions and anxiously brace for leaner times. It’s like the nation’s war effort cunningly included a ‘Buy Nothing Month’ challenge.