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Janis Kluge

@jakluge.de
9.2K followers 527 following 813 posts

Russia & Economics All views private German Institute for International and Security Affairs (SWP Berlin) Picture: Tamek Kowalski

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Janis Kluge @jakluge.de · 28/09/2026
Putin just expropriated the next foreign investor: Germany's retailer Metro decided to stay in Russia after 2022, but has now lost control over its Russian assets anyway. After 26 years of presence in the Russian market, around $3 billion in annual revenues, this story has ended.
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Janis Kluge @jakluge.de · 25/09/2026
The gasoline supply in St Petersburg is back to normal, but now there are new problems in Kaluga and Nizhny Novgorod. There are also signs of stress in other regions around Moscow (Tula, Ryazan, Vladimir).
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Janis Kluge @jakluge.de · 23/09/2026
Funny how we were worried Trump would lift Russia sanctions, and now it was Macron.
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Janis Kluge @jakluge.de · 23/09/2026
The EU completely sold out its principles today. The symbolic effect of lifting sanctions on Usmanov and Fridman is a catastrophy. There is hardly any justification for this. Who's next? Is this the beginning of EU sanctions collapsing?
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Janis Kluge @jakluge.de · 17/09/2026
Putin has de facto expropriated the Russian subsidiaries of Nestlé and Auchan today. Their assets are now under the control of an obscure Russian business structure "LEV Management". A few months ago, "LEV Management" was for sale as an empty company shell.
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Janis Kluge @jakluge.de · 17/09/2026
Russian gasoline prices keep rising.
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Alex Panchenko @alexpanchenko2.bsky.social · 16/09/2026
"Russian soldiers receive millions of rubles when signing contracts for the war. This injection of cash is transforming the social fabric of remote Russian cities" - @wsj.com economics of The War story featuring @jakluge.de .
youtu.be
How Putin’s War Pay Is Creating New Wealth in Russia | WSJ
YouTube video by The Wall Street Journal
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Janis Kluge @jakluge.de · 14/09/2026
Looks like a little bit more gasoline is available in St Petersburg today.
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Janis Kluge @jakluge.de · 13/09/2026
The situation in Nizhny Novgorod is not quite as bad as in the first fuel crisis in July, but there is still a shortage. And again - diesel is apparently not the main issue anymore.
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Janis Kluge @jakluge.de · 13/09/2026
revious gasoline shortage in July with the situation in September. Queues are longer this time, according to Gdebenz.
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Janis Kluge @jakluge.de · 11/09/2026
St. Petersburg gasoline update.
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Janis Kluge @jakluge.de · 10/09/2026
Russian recruitment was close to 1,000 per day in August. Regional budgets suggest that Russia recruited ~234,000 soldiers this year, 10% less than last year, while sign-on bonuses continue to rise and coercive recruitment practices spread across the country. janiskluge.substack.com/p/russian-re...
janiskluge.substack.com
Russian recruitment roundup, September 2026
Russian recruitment remained close to 1,000 per day in August, according to regional budget data. To cover the cost, regions are increasingly cutting other spending, including regional coffin money.
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Janis Kluge @jakluge.de · 10/09/2026
This is the situation at gas stations in Nizhny Novgorod, which is supplied by the Kstovo refinery. Kstovo was attacked on August 26. Since then, the gasoline crisis has returned to the city.
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Janis Kluge @jakluge.de · 10/09/2026
The Kirishi refinery, a major supplier of gasoline to St. Petersburg, was attacked by Ukraine on August 29–30. A few days later, queues began forming at gas stations across the city, and the share of open gas stations in St. Petersburg fell.
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Janis Kluge @jakluge.de · 10/09/2026
Russian recruitment was close to 1,000 per day in August. Regional budgets suggest that Russia recruited ~234,000 soldiers this year, 10% less than last year, while sign-on bonuses continue to rise and coercive recruitment practices spread across the country. janiskluge.substack.com/p/russian-re...
janiskluge.substack.com
Russian recruitment roundup, September 2026
Russian recruitment remained close to 1,000 per day in August, according to regional budget data. To cover the cost, regions are increasingly cutting other spending, including regional coffin money.
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Janis Kluge @jakluge.de · 09/09/2026
The situation has improved in some cities, while long queues remain in others. For some reason, it is currently worsening in St. Petersburg and in Nizhny Novgorod.
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Janis Kluge @jakluge.de · 09/09/2026
Lots of gas stations in Russia sell only diesel.
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Janis Kluge @jakluge.de · 09/09/2026
Russian gasoline prices reached a new all-time high last week, according to Rosstat.
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Janis Kluge @jakluge.de · 05/09/2026
"At the Eastern Economic Forum in Vladivostok, Putin tried to dispel concerns about the state of Russia’s public finances. But the numbers tell a more troubling story for the Kremlin." - my short analysis of Russian state finances: www.swp-berlin.org/en/publicati...
swp-berlin.org
Russian military spending soars, upending the Kremlin’s budget plans
At the Eastern Economic Forum in Vladivostok, Putin tried to dispel concerns about the state of Russia’s public finances. But the numbers tell...
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Sabine Fischer @sabfis3.bsky.social · 04/09/2026
Want to learn more about the economic and fiscal challenges the Kremlin is facing because of its war of aggression against Ukraine? Check out my colleague @jakluge.de‘s analysis and dashboard on trends in Russia‘s state budget. Super illuminating! www.swp-berlin.org/publikation/...
swp-berlin.org
Russian military spending soars, upending the Kremlin’s budget plans
At the Eastern Economic Forum in Vladivostok, Putin tried to dispel concerns about the state of Russia’s public finances. But the numbers tell...
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Reposted by Janis Kluge
Stiftung Wissenschaft und Politik (SWP) @swp-berlin.org · 04/09/2026
Vor der Duma-Wahl stehen Präsident Putin & die Kremlpartei Einiges Russland vor großen Herausforderungen: Ukrainische Drohnen & Raketen treffen Ziele weit im Hinterland, die Wirtschaft schwächelt, & die Stimmung im Land verschlechtert sich, so @sabfis3.bsky.social: www.swp-berlin.org/publikation/...
swp-berlin.org
Noch eine Scheinwahl in Russland
Die bevorstehende Abstimmung über die neunte Staatsduma
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Janis Kluge @jakluge.de · 05/09/2026
Volgograd cancelled its youth festival "ThreeFour" this year. It was already fully organized and prepared, but the governor said the money was needed to pay sign-on bonuses for contract soldiers. Sign-on bonuses were increased to 3.4 million rubles. v1.ru/text/gorod/2...
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Janis Kluge @jakluge.de · 05/09/2026
"At the Eastern Economic Forum in Vladivostok, Putin tried to dispel concerns about the state of Russia’s public finances. But the numbers tell a more troubling story for the Kremlin." - my short analysis of Russian state finances: www.swp-berlin.org/en/publicati...
swp-berlin.org
Russian military spending soars, upending the Kremlin’s budget plans
At the Eastern Economic Forum in Vladivostok, Putin tried to dispel concerns about the state of Russia’s public finances. But the numbers tell...
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Reposted by Janis Kluge
Stiftung Wissenschaft und Politik (SWP) @swp-berlin.org · 04/09/2026
At the Eastern Economic Forum in Vladivostok, Putin tried to dispel concerns about the state of Russia’s public finances. But the numbers tell a more troubling story for the Kremlin, adding to doubts about how long Russia can sustain the war, writes @jakluge.de. www.swp-berlin.org/publikation/...
swp-berlin.org
Russian military spending soars, upending the Kremlin’s budget plans
At the Eastern Economic Forum in Vladivostok, Putin tried to dispel concerns about the state of Russia’s public finances. But the numbers tell...
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Janis Kluge @jakluge.de · 04/09/2026
If you are curious about the latest details of Russian military spending, I recommend the interactive SWP Russian Budget Monitor. You can browse the different components of military spending, view how each of them has changed over time in charts & export all data: www.swp-berlin.org/en/publicati...
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Janis Kluge @jakluge.de · 04/09/2026
In 2026, military spending accounts for 44% of all Russian federal budget spending, a new all-time high. Link to the data (SWP Russian Budget Monitor): data.swp-berlin.org/ru-budget-tr...
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Janis Kluge @jakluge.de · 04/09/2026
Russian military spending continues to soar: In the first half of 2026 it was 10.7 trillion rubles, or 10.5% of H1 GDP. Relative to the projected full-year GDP, military spending currently stands at 4.7%. The full-year plan in the budget law was 6.4% of GDP. data.swp-berlin.org/ru-budget-tr...
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Janis Kluge @jakluge.de · 04/09/2026
Russian oil & gas revenues fell in August. The Iran war led to a small revenue bump this year, but no windfall. Domestic gasoline subsidies ate up a big portion of the price effect.
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Janis Kluge @jakluge.de · 02/09/2026
What is Putin's biggest problem at the moment? In my view, it is how people inside and outside the regime are thinking about the future. After the last few months, that future looks a lot darker and more dangerous. Commenting for the New York Times: www.nytimes.com/2026/08/28/w...
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fry69 @fry69.dev · 02/09/2026
Highly recommended short (10 min) documentary from WSJ about Russia's recruitment tactics, especially how those affect poorer regions. -> www.youtube.com/watch?v=ifVQ...
youtube.com
How Putin’s War Pay Is Creating New Wealth in Russia | WSJ
YouTube video by The Wall Street Journal
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Janis Kluge @jakluge.de · 02/09/2026
🎥 New WSJ mini documentary "Inside Russia's War Boomtowns" by Milan Czerny is out! It shows how the influx of war money is changing poor Russian regions such as Buryatiya. Full video: www.youtube.com/watch?v=ifVQ...
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Janis Kluge @jakluge.de · 27/08/2026
Russia's federal budget execution currently reports a deficit of 3.8% of GDP. The plan for the full year was 1.6% of GDP.
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Janis Kluge @jakluge.de · 26/08/2026
Latest price data confirms: Gasoline shortages in Russia are worsening again, while the diesel situation is a bit more stable.
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Janis Kluge @jakluge.de · 22/08/2026
Russia's new fuel crisis is mainly a gasoline crisis, not a diesel crisis. This makes sense: Russia is producing much more diesel than it consumes, while its gasoline production is below demand at the moment. In more recent data, many gas stations only have diesel in stock.
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Janis Kluge @jakluge.de · 22/08/2026
Levada poll: The share of Russians who say the political situation is calm or positive is decreasing lately, the share of Russians who say it's tense or even critical is rising. Source: www.levada.ru/2026/08/14/o...
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Janis Kluge @jakluge.de · 21/08/2026
Gasoline tracker is live again... let's see how the next days develop. The situation has apparently worsened again.
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Janis Kluge @jakluge.de · 21/08/2026
Die Preise für Eigentumswohnungen in Berlin-Kreuzberg sind seit 2021 inflationsbereinigt um 20% gefallen.
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Janis Kluge @jakluge.de · 21/08/2026
Grotesk.
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Janis Kluge @jakluge.de · 21/08/2026
Correction: No new actions yet - this was old news with the wrong date. 🙈
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Janis Kluge @jakluge.de · 20/08/2026
There is one interesting (preliminary) data point, however, and that is August vs. July 2026 (not included in the detailed time series yet): It says that M1 (cash and transferable ruble deposits together) fell by 0.4% in July, while rubles cash in circulation rose by 2.9%.
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Janis Kluge @jakluge.de · 20/08/2026
Here is another chart on Russian household assets (excluding businesses). Both transferable deposits and ruble cash increased from a year ago.
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Janis Kluge @jakluge.de · 20/08/2026
Some clarification on "Russians are withdrawing cash" - below you see cash in circulation (blue line). True, it has increased. But when you check deposits (green line), they have also increased. Russians are not withdrawing their money. The share of cash remained mostly the same.
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Janis Kluge @jakluge.de · 20/08/2026
Russia's Finance Ministry resumed debt auctions yesterday, after pausing for a few weeks because it didn't like the market conditions and wanted to wait for them to improve.
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Janis Kluge @jakluge.de · 09/08/2026
Russian recruitment recovered from a weak first quarter. Based on regional budget data, the total number of new contracts was 93,000, or around 1,000 per day in Q2. But recruitment continues to get more expensive.
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Janis Kluge @jakluge.de · 10/08/2026
Great to see my substack on Belgorod quoted in today's FT! Link to the article on Russian recruiting practices by Max Seddon and Nastya Stognei: www.ft.com/content/4528... Link to the substack on recruitment in the districts: open.substack.com/pub/janisklu...
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Janis Kluge @jakluge.de · 09/08/2026
Russian recruitment recovered from a weak first quarter. Based on regional budget data, the total number of new contracts was 93,000, or around 1,000 per day in Q2. But recruitment continues to get more expensive.
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Janis Kluge @jakluge.de · 03/08/2026
Attention: new original data source unlocked! Based on federal budget reports, I estimated the number of Russian troops in Ukraine, both mobilized and contract soldiers. The numbers are based on different salary top-ups that Russian troops in Ukraine receive. janiskluge.substack.com/p/the-compos...
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Janis Kluge @jakluge.de · 04/08/2026
Last week, I had the opportunity to discuss Russian recruitment and the budget in depth with Alex Gabuev on the Carnegie Politika Podcast. We covered everything from the quality of Russian data and current recruitment trends to military expenditure. Tune in! carnegieendowment.org/russia-euras...
carnegieendowment.org
Inside Putin’s War Recruitment Machine
Podcast host Alex Gabuev is joined by Janis Kluge, leader of the Eastern Europe and Eurasia research team at the German Institute for International and Security Affairs, to discuss the Russian militar...
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Janis Kluge @jakluge.de · 03/08/2026
Attention: new original data source unlocked! Based on federal budget reports, I estimated the number of Russian troops in Ukraine, both mobilized and contract soldiers. The numbers are based on different salary top-ups that Russian troops in Ukraine receive. janiskluge.substack.com/p/the-compos...
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Deutsche Gesellschaft für Osteuropakunde e.V. @dgoberlin.bsky.social · 30/07/2026
Jetzt in die neue Podcastfolge OSTERWEITERUNG mit @jakluge.de  zum Thema "Russlands Wirtschaft im Schatten des Iran-Krieges" reinhören! 🎧 @osteuropa.bsky.social  🔗https://dgo-online.org/publikationen/osterweiterung-der-dgo-podcast/
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