Inside Moscow, the war economy is booming: restaurants are packed, businesses have pivoted to Asia, and, somehow, elites are richer than ever. But with prices rising and the ruble plummeting, insiders worry the good times are a mirage.
Last week, the ruble punched through a psychologically important threshold: 100 rubles to the dollar. When I left Moscow a decade ago, the exchange rate was about 30, and on the eve of Vladimir Putin’s invasion of Ukraine, it was just under 80. When Russian tanks crossed the border in...
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