We construct a proxy for Russia's war-related output to evaluate the macroeconomic importance of war-related branches … for Russia since the 2022 invasion of Ukraine. Our results suggest that warrelated branches contributed significantly to … Russia's economic recovery after the sharp decline of GDP in spring 2022. The largest contribution came from low …

Russia's war of aggression, which has brought wide destruction and loss to Ukraine, has also transformed the Russian … economy in significant ways. The Russian government's role in the economy has grown, with an ever-increasing amount of …'s financial reserves and increasing domestic borrowing. While the point at which Russia loses its ability to wage war remains …