Russia's economy grew by 4.1% in 2024, Russian Prime Minister Mikhail Mishustin told President Vladimir Putin on Friday, slightly better than an official forecast of 3.9%. The country's gross domestic product reached a record-high of 200 trillion roubles ($2.

Russia reported strong economic growth for 2024 on Friday as record spending on the military offensive against Ukraine outweighed the impact of Western sanctions.

The U.S. Treasury Department recently intensified sanctions against entities in Russia’s defense sector to hold the country accountable for its invasion of Ukraine. The escalation follows previous sanctions that have strained Russia’s economy and military resources.

Russian President Vladimir Putin on Friday acknowledged that inflation remains a major “challenge” for the country’s economy and ordered the government to work on lowering it in 2025. Consumer prices in Russia rose by 9.