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  • Russia’s war machine is running on fumes as industry warns of bankruptcies and the Kremlin gets old tanks from movie studio

    12/21/2024 4:37:20 PM PST · by Apparatchik · 120 replies
    Fortune via MSN ^ | 21 December 2024 | Jason Ma
    More evidence is piling up that Russia's military-industrial complex is nearing the brink after nearly three years of fighting in Ukraine. President Vladimir Putin mobilized the economy for Russia's invasion, resulting in massive amounts of state funds for defense contractors along with low unemployment as working-age people build weapons in factories or serve on the front lines. But that also stoked inflation, which has hit 9% and even forced Putin to acknowledge that it's "alarming." Russia's central has hiked its benchmark rate to 21% to rein in prices, but businesses are feeling the strain of all that monetary tightening. In...