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Vladimir Putin’s war economy is cooling, but Russians still feel richer

Salary growth for new hires is slowing, according to an FT analysis, yet not enough to shift views on the war

The sharp rise in Russians’ living standards that has helped underpin support for the war in Ukraine is coming to an end, according to a Financial Times analysis of job adverts.

Strong wage increases and a tight labour market since Russian tanks crossed the Ukrainian border in February 2022 have been a critical factor in maintaining public support for the Kremlin, despite sanctions, high inflation and other economic troubles.

But analysis of recruitment ads by the FT suggests that the booming salary growth for new hires weakened at the start of 2025. 

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