Russia Residential Energy Storage System Market (2025-2031)
With government incentives and support for renewable energy projects, the market for residential energy storage systems in Russia is poised for growth, making it an attractive investment
Yuri Kochetkov/EPA, via Shutterstock The wartime economy that Russia spurred into overdrive is slowing, causing tensions among the country's economic elites as the war with Ukraine approaches its fourth year. Many Russian civilian industries have stopped growing, and some had even gone into decline by October, according to the latest official data.
The slowdown comes even as the government continues to pump record amounts of money into the economy to finance the war. The combination of rising prices and falling economic activity has led some economists and officials to warn that the Russian economy is moving toward stagflation, a quagmire where prices rise quickly without growth.
The slowdown is worrying for the Kremlin but not serious enough to significantly hobble its war effort. An ad at a bus stop showing a Russian soldier and the slogan “Be strong, faithful, courageous” in front of Moscow's business district in November. Yuri Kochetkov/EPA, via Shutterstock
The central bank sharply raised the country's benchmark interest rate in October to 21 percent, the highest since the end of the Soviet Union, in an attempt to dampen inflation. Last month, the central bank also lowered its forecast for Russia's economic growth next year to 0.5 to 1.5 percent, compared with 3.5 to 4 percent this year.
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