Russia's economy appears resilient amid its war with Ukraine which has entered its third year. Military spending has reached 40% of Russia's budget, overshadowing social spending. AdvertisementDespite sweeping Western sanctions over the invasion of Ukraine, Russia posted a GDP growth of 3.6% in 2023 after contracting 1.2% in 2022. Experts say Russia's growth is driven primarily by war spending and subsidies. An International Monetary Fund official told CNBC earlier this month that Russia's economy is starting to look like the Soviet Union's.

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Persons: —, Putin, Mark Harrison, Harrison, Alexandra Prokopenko Organizations: Guardian, Military, Service, Warwick University, Monetary Fund, Foreign Affairs, Carnegie Russia Eurasia Center, Center of Eastern European, International, International Monetary Fund, CNBC Locations: Ukraine, Moscow, Russia, Russian, Soviet Union, Soviet