Why hasn't the Russian economy collapsed?

为何俄罗斯经济未崩塌?

The Indicator from Planet Money

2026-03-24

9 分钟
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单集简介 ...

How has Russia’s economy not completely collapsed after four years of war, sanctions and billions in debt? One economist says it is the war that has been propping up Russia's economy, not the other way around. He calls it smertonomika or death economics. On today’s show, six reasons why Russia’s economy is still chugging along despite burning money by the billions waging war on Ukraine. Come see Planet Money live on stage in April! 12 cities. Details and tix here: https://tix.to/pm-book-tour.  Related episodes: How your favorite fish sticks might be funding Russia's warWho’s propping up Russian oil? The economic war against Russia, a year laterFor sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter. To manage podcast ad preferences, review the links below: See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy
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单集文稿 ...

  • This is The Indicator from Planet Money.

  • I'm Waylon Wong.

  • And I'm Patti Hirsch.

  • When Russia commenced its second invasion of Ukraine in 2022 and the world responded with sanctions.

  • Most economists said it wouldn't be long before the Russian economy collapsed.

  • But it hasn't turned out that way.

  • Russia may have become bogged down in a war of attrition, and it may be almost $320 billion in debt.

  • But its economy soldiers on.

  • Today, depending on how you measure it,

  • Russia's economy is now either the 11th or the 4th largest in the world.

  • So on today's show, we 'll give you six reasons why Russia has managed to keep its economy

  • up and running despite a war, a sanctions regime, and its ballooning debt.

  • And we 'll learn about one of the most significant and grisly factors in Russia's resilience,

  • smertonomika, or death economics.

  • That's coming up after the break.

  • In HBO's industry, finance gets the dramatic treatment.

  • Maybe too dramatic.

  • All of these people would have gotten fired from the bank six times over.

  • The things they get away with.

  • In a new bonus episode, Planet Money talks industry.