Why hasn't the Russian economy collapsed?

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.<br /><br />On today’s show, six reasons why Russia’s economy is still chugging along despite burning money by the billions waging war on Ukraine.<br /><br /><strong>Come see Planet Money live on stage in April! 12 cities. Details and tix here: </strong><a href="https://tix.to/pm-book-tour" target="_blank"><strong>https://tix.to/pm-book-tour</strong></a><strong>. </strong><br /><br /><strong>Related episodes: </strong><br /><a href="https://www.npr.org/2026/02/26/nx-s1-5726855/how-your-favorite-fish-sticks-might-be-funding-russias-war" target="_blank">How your favorite fish sticks might be funding Russia's war</a><br /><a href="https://www.npr.org/2025/11/05/nx-s1-5596398/whos-propping-up-russian-oil" target="_blank">Who’s propping up Russian oil?</a><br /><br /><a href="https://www.npr.org/2023/02/24/1159453563/the-economic-war-against-russia-a-year-later" target="_blank">The economic war against Russia, a year later</a><br /><em>For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at </em><a href="http://plus.npr.org/" target="_blank"><em>plus.npr.org</em></a><em>.</em> <em>Fact-checking by </em><a href="https://www.npr.org/people/1268825622/sierra-juarez" target="_blank"><em>Sierra Juarez</em></a><em>. Music by </em><a href="https://dropelectric.bandcamp.com/" target="_blank"><em>Drop Electric</em></a><em>. Find us: </em><a href="https://www.tiktok.com/@planetmoney" target="_blank"><em>TikTok</em></a>, <a href="https://www.instagram.com/planetmoney/" target="_blank"><em>Instagram</em></a>, <a href="https://www.facebook.com/planetmoney" target="_blank"><em>Facebook</em></a>, <a href="https://www.npr.org/newsletter/money" target="_blank"><em>Newsletter</em></a><em>.</em><br /><br />See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.<br /><br /><a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>