In the short term at least. The Economist explored the topic recently:
Vladimir Putin spends big—and sends Russia’s economy soaring https://www.economist.com/finance-and-economics/2024/08/11/v...
Vladimir Putin spends big—and sends Russia’s economy soaring https://www.economist.com/finance-and-economics/2024/08/11/v...
wartime economies are like railing a tableful of coke. it'll be super productive for a few years, but the comedown is hard.
Of course having to raise interest rates to >20% while claiming that inflation is actually ~9% is not a good sign. Current account surplus is also going down and is pretty much where it was before the war.
Funnily enough the Russian government seems to be "fighting" the central bank by giving out mortgages and loans at a >50-80% discount. Which would indicate that (hopefully) their are forced to chose between inflation going our of control or most of the economy (at least the faction not directly dependant on government contracts) griding to a halt.