Russia's manufacturing Purchasing Managers' Index, sank to 47.5 — its sharpest pace of contraction since March 2022, according to S&P Global.

Russian officials are telegraphing a slowdown of the country’s war economy -- the first major slump since the launch of the Kremlin’s invasion of Ukraine more than 41 months ago. What it means for the war is uncertain.

Four years into its Ukraine invasion, the Kremlin’s economy faces a worsening outlook that is graver than publicly acknowledged, Russian banking officials told us. The probability of a systemic banking crisis arising within the next 12 months is significant.