Putin is increasingly having to dip into Russia 's National Wealth Fund, whose reserves have plummeted almost 74% from £94 billion to just £25 billion, since the beginning of the war. A further problem for the Kremlin is the rouble's plunge in value, which is adding to inflationary pressure.

Since Moscow’s full-scale invasion of Ukraine in 2022, Russia’s economy has surpassed expectations. But some experts say this image of resilience is a mirage crafted by the Kremlin.

Some analysts have likened Russia’s current economic situation to being “on steroids,” while others compare its rapid yet unsustainable growth to “running on cocaine.” According to CNN, Russia may soon experience the painful crash after the party.