Pravda.ru / Russia

Russia has undergone a profound transformation in the structure of its economy over the past five years. The shift accelerated under unprecedented Western sanctions, forcing the country to rely increasingly on its own domestic market, investment resources and technological capabilities. Deputy Prime Minister Alexander Novak said the Russian economy had successfully absorbed the sanctions shock while undergoing a major change in the sources of GDP growth. Net exports, once a much more important contributor, now account for almost three times less of the growth structure. Domestic demand has taken their place as one of the economy's principal engines. The transformation has also strengthened Russia's position in global economic rankings. Measured by purchasing power parity, the country now ranks fourth in the world, behind China, the United States and India. Moscow is now preparing the next stage of the transformation, with investment, technology, productivity and domestic demand at its center.

On September 1, the Bank of Russia will put the digital ruble into circulation, making it available to every Russian in the autumn. The color of its logo is already known, along with details of how the new form of the national currency will work. What Is the Digital Ruble? As Alla Bakina, director of the Bank of Russia's National Payment System Department, explained to RIA Novosti, the digital ruble is the same ruble that people use in everyday life, only in a new form. "The digital ruble is essentially the same as a cashless ruble, only it will be held in the user's wallet on the Bank of Russia's platform. People have different habits. Some are accustomed to using cards, others use electronic wallets, while others use payment services and so on. The digital ruble is another additional means of making transfers and payments,” Bakina said.

President Vladimir Putin has ordered the reconstruction of damaged facilities at a fundamentally new technological level. Over the past month, Wildberries logistics facilities in several Russian regions have come under drone attacks. Putin instructed the government to introduce a programme for reconstructing damaged warehouses, stressing the need to modernise and substantially upgrade them. His remarks were reported by the Kremlin press service. "Logistics and warehouse capacity, of course, needs to be restored, including with state participation. In this regard, I ask the government to adopt an appropriate programme. At the same time, it is necessary to ensure that damaged facilities are restored at a fundamentally new technological level,” the president said at a meeting of the Council for Strategic Development and National Projects devoted to implementing the plan for structural changes in the Russian economy through 2030.

Russian President Vladimir Putin said Russians possess a “genetic code of winners” during a meeting with Sakhalin Region Governor Valery Limarenko, who briefed the president on support measures for participants in the special military operation and their families. Limarenko said he sees among the people a determination to do “everything for victory.” “That is what our people are like. They have the genetic code of winners.”

The Board of Directors of the Bank of Russia voted at its July 24 meeting to lower the key interest rate by 25 basis points to 14%, according to the regulator's official statement. This marks the tenth consecutive meeting at which the central bank has eased monetary policy. Over the past two meetings, however, the pace of easing has slowed to 25 basis points, compared with previous reductions of 50 basis points. The central bank said Russia's economy expanded at a moderate pace during the second quarter of 2026. "Significant price growth and higher inflation expectations during the summer months were largely driven by one-off factors. Estimates of underlying inflation remain within the range of 4–5% on an annualized basis. Credit growth slowed slightly in June," the regulator said in its statement.

Russian President Vladimir Putin accepted the resignation of Belgorod Region Governor Vyacheslav Gladkov, who stepped down voluntarily after leading one of Russia's most heavily pressured border regions during the conflict with Ukraine. The Kremlin appointed Alexander Shuvaev as acting governor of Belgorod Region. Putin held a working meeting with Shuvaev in the Kremlin shortly after the appointment became official. Earlier, sources close to the presidential administration and regional authorities told RBC that Shuvaev, a vice governor of Irkutsk Region and a decorated military officer, stood as the leading candidate for the post. A Military Officer Takes Charge of Belgorod Alexander Shuvaev was born in Belgorod Region in 1981. He graduated from the Ryazan Airborne Forces Institute and later from the Combined Arms Academy of the Russian Armed Forces.

Russia's oil and gas revenues fell sharply in January-April 2026, according to data released by the Russian Finance Ministry. Compared with the same period last year, revenues from oil and gas exports dropped by more than one-third — down 38.3% to 2.298 trillion rubles. The ministry attributed the decline primarily to lower global oil prices. At the same time, non-oil-and-gas revenues increased by 10.2% to 9.423 trillion rubles. The Finance Ministry expects the federal budget to receive 8.919 trillion rubles in oil-and-gas revenues and 31.365 trillion rubles in non-energy revenues over the course of 2026.

Moscow is preparing for the 81st anniversary of Victory Day. On May 9, 2026, Red Square will host a military parade that reflects current geopolitical realities. The event will serve not only as a ceremony but also as a demonstration of the country's human resources and military readiness under ongoing external pressure. This year, organizers have adjusted the format. Instead of emphasizing heavy military hardware, the parade will highlight personnel actively engaged in military service. Marching Units: Who Will Take Part Officers and cadets from higher military educational institutions will form the core of the marching columns. Representatives from all branches and specialized units of the Russian Armed Forces will participate.

President of Russia Vladimir Putin, during a meeting with government members, spoke about the development of Russia’s Arctic regions, emphasizing the strategic importance of the region. Strategic Importance of the Arctic “I have repeatedly noted the special, strategic importance of this region for our country, for the national economy, for increasing Russia’s industrial potential, for ensuring national security and protecting our sovereignty,” Putin said. He stressed that the role of the Arctic is also growing globally: “For the planet’s ecology, for global fuel, energy, and raw material complexes, and for strengthening the stability of international trade and logistics links.”

Press Secretary of the President of Russia Dmitry Peskov commented on the appeal of blogger Victoria Bonya to Russian President Vladimir Putin. Peskov stated that the Kremlin had seen Bonya's video and emphasized that it had indeed attracted attention and become popular. Kremlin Acknowledges Resonant Issues The presidential spokesperson also added that the blogger touched on highly resonant topics in her video.

Russia's economy resembles an overheated engine into which cheap lemonade has been poured instead of oil. The indicators on the dashboard are going wild: annual data released by Fedresurs carries a chill reminiscent of Arctic winds. In 2025, the army of bankrupt citizens grew by 568,000 people. This is not just a number. It is the population of an entire regional center that has officially declared its financial insolvency. A growth of 31.5% is not evolution — it is the fall of a climber whose safety rope has snapped.

Russia could achieve digital sovereignty and build an internet capable of operating independently from the global network by 2028, according to a forecast by the Russian Association for Electronic Communications (RAEC). The forecast suggests that by the end of the decade the Russian segment of the internet — commonly known as the Runet - may function even without access to foreign infrastructure, while domestic technologies replace key foreign platforms. Smart Runet by 2030 According to RAEC, Russia could reach full digital sovereignty by 2028 and approach almost complete technological independence in key sectors by 2030.

Russia's Ministry of Finance has proposed legalizing online casinos, a move that could fundamentally reshape the country's gambling industry and bring significant new revenue into the federal budget. The initiative came from Finance Minister Anton Siluanov, who suggested that President Vladimir Putin consider lifting the current ban under strict state supervision. Strict Conditions for Legalization The Ministry of Finance proposes removing the ban on online casinos only if several conditions are met. The plan calls for the creation of a special operator by presidential decree, as well as a centralized system for accepting bets through the Unified Betting Transfer Accounting Center, modeled on the existing framework used by bookmakers. The proposal also includes a minimum tax rate of 30 percent on casino revenue, calculated after winnings are paid out. Operators would transfer this tax to the state budget on a monthly basis. Participation would be limited to players aged 21 and older.

Claims circulating in various media outlets that Russia has betrayed Syria, Iran, and Venezuela do not withstand serious scrutiny. They overlook both historical lessons and the evolving realities of global politics. One-Sided 'International Duty' No Longer Works Ideally, Russia's relations with other countries should be structured so that economic and political ties remain stable regardless of changes in government. Ideological motivations, including anti-Western solidarity, still matter, but they are no longer decisive. Russia is moving away from the mindset that once justified the fulfillment of a one-sided "international duty,” as seen in Afghanistan and Angola. To a large extent, it was precisely the costly support of allied states during periods of falling oil revenues that exhausted the Soviet economy and contributed to its collapse. Priorities were misjudged, and debts owed by former "brotherly” capitals were almost never repaid, with rare exceptions such as India, Turkey, Jordan, and the UAE.

The Russian ruble has posted an unprecedented surge over the past twelve months, becoming the fastest-strengthening national currency since the mid-1990s. In 2025, it has outperformed major global currencies against the US dollar, according to Bloomberg. The ruble has ranked among the world’s five most profitable assets, trailing only precious metals—platinum, silver, palladium, and gold. Since the beginning of the year, the currency has appreciated by approximately 45 percent, with exchange rates stabilizing near 78 rubles per dollar. This strengthening reflects the combined impact of domestic macroeconomic factors rather than short-term speculative movements.

In Moscow, an annual televised direct line with President Vladimir Putin, combined with a major press conference, brought together journalists and citizens against the backdrop of ongoing fighting in the special military operation zone and renewed discussions in the European Union about confiscating frozen Russian assets. Strategic Initiative on the Battlefield "Immediately after our troops pushed the enemy out of the Kursk region, the strategic initiative fully and completely passed into the hands of the Russian Armed Forces. Our troops are advancing along the entire line of contact — faster in some areas, slower in others, but everywhere the enemy is retreating.” Situation in the Special Military Operation Zone The president reported the capture of Seversk, calling it a key settlement that opens operational routes toward Sloviansk, one of the main fortified areas in the region. "Krasny Liman will be taken in the very near future. Fifty percent of the city is already under our control. From there, the movement will continue further south, toward Sloviansk.” He also described the capture of Krasnoarmeysk as a significant operational success, calling it a strong staging area for future offensive operations.

President of Russia Vladimir Putin took part in a meeting of the Defense Ministry board, where he delivered a wide-ranging address focused on the military operation in Ukraine, the state of Russia's armed forces, and the broader geopolitical environment. Ukraine, the West, and the Myth of a Big War The Russian leader described the current international situation as tense but rejected claims by Western politicians that Europe faces an inevitable large-scale war with Russia. "In Europe, people are being fed fears about an unavoidable clash with Russia, about the need to prepare for a big war. This is a lie and pure nonsense,”

Russia’s state debt increased by 2.8 percent between January and October 2025, reaching 32.9 trillion rubles, according to data released by the Ministry of Finance of the Russian Federation. While the absolute number appears substantial, the pace of growth remains moderate and notably lower than earlier preliminary estimates. An operational report from the Accounts Chamber had previously indicated a ten percent rise in public debt between January and September, bringing the total to 31.98 trillion rubles. The discrepancy between the two estimates is largely explained by statistical adjustments and the clarification of debt parameters as of early November. Updated accounting methods and revised data on obligations resulted in a more restrained assessment of the annual increase.

President Vladimir Putin has proposed new measures to counteract Russia’s declining birth rate, calling for stronger support for fatherhood and more incentives for families with multiple children. The proposal came during a meeting of the Presidential Council for Strategic Development and National Projects, where the president devoted significant attention to the need to increase the nation’s population. Why Russia’s Birth Rate Continues to Fall According to Putin, the decline is driven by several objective factors. These include global demographic trends, the long-term impact of population “craters” formed in the mid and late twentieth century, and broader external pressures. The president noted that some regions have shown improved attitudes toward having children, particularly the Mordovia, Altai Republic, Kabardino-Balkaria, as well as the Kherson and Zaporozhye regions.

The Kremlin confirmed that President Vladimir Putin’s meeting with U.S. special envoy Steve Witkoff and presidential adviser Jared Kushner lasted nearly five hours, marking one of the most detailed exchanges to date on Washington’s evolving peace proposals for Ukraine. Ushakov Outlines Scope of the Negotiations According to presidential aide Yury Ushakov, the talks examined several possible frameworks for a settlement. He revealed that Moscow received four additional documents from the American side, supplementing the initial 28-point plan earlier presented on behalf of President Donald Trump. “There was a document of twenty-seven points. We reviewed it, of course, though we did not work on the formulations and held no discussions on that level,” Ushakov explained. These new materials were then analyzed during the Kremlin meeting with Witkoff and Kushner, alongside broader strategic questions, including territorial issues. Ushakov described the atmosphere as constructive, useful and highly substantive, adding that the session focused on the essence of the U.S. proposals rather than on finalized wording.