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Janis Kluge

@jakluge.de
9.3K followers 527 following 821 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 · 14h
Trump thinks he made a brilliant deal with Putin about diesel exports from Russia. But Russia planned to allow some diesel exports anyway. Putin managed to sell it as a gift to Trump. This is from 3 days ago:
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Janis Kluge @jakluge.de · 08/10/2026
Official picture from Putin's birthday party. Source: Kremlin t.me/news_kremlin...
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Janis Kluge @jakluge.de · 08/10/2026
Russia still recruits around 1,000 men per day, according to the latest data from September. Under pressure to fulfil their quotas, Russian regions are very inventive. They try whatever works and copy what works elsewhere. The trend this year is payments to intermediaries.
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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
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
While Russian diesel prices are slowly falling.
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Janis Kluge @jakluge.de · 17/09/2026
Russian gasoline prices keep rising.
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Janis Kluge @jakluge.de · 14/09/2026
And the queues are a little shorter.
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Janis Kluge @jakluge.de · 14/09/2026
A few more stations are open.
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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
There is enough diesel, but not enough gasoline.
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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
There may be signs of stabilization in recent days. Again, gasoline availability is the problem, not diesel.
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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
Diesel supplies are not affected as severely yet, but gasoline is starting to run short in 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 · 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
Diesel prices stabilized on a high level.
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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
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 · 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
Compared to budget revenue, Russian military spending looks even more extreme: It ate up a whopping 57% of Russian budget revenues in the first half of 2026. Link: data.swp-berlin.org/ru-budget-tr...
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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
In 2026, classified spending in Russia's federal budget is out of control. The full-year plan was 11.6 trillion rubles. After six months, spending already exceeded 8.4 trillion. Source: data.swp-berlin.org/ru-budget-tr...
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Janis Kluge @jakluge.de · 04/09/2026
Here is the planned military budget for each of the last years (relative to GDP) - this is not actual data, but original budget laws. Actual military spending in 2025 was close to 8% of GDP. There was a big reduction planned in 2026: data.swp-berlin.org/ru-budget-tr...
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Janis Kluge @jakluge.de · 04/09/2026
In billion rubles: data.swp-berlin.org/ru-budget-tr...
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Janis Kluge @jakluge.de · 04/09/2026
Data is from the SWP Russian Budget Monitor. Military spending / full-year GDP: 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
Relative to GDP, the long-term decline of oil and gas revenues becomes even more visible.
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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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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
There is the same pattern in Rosstat prices: While diesel prices continue to moderate, gasoline prices are increasing again.
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Janis Kluge @jakluge.de · 22/08/2026
So the fundamentals of Russian refining output become visible. Compare this with data from the previous shortages in July: It affected both diesel and gasoline. Distribution and logistics played a big role then. Also, the diesel export ban came late.
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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 · 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
If you order the data the other way around, you can recognize the slight decline in time deposits/savings accounts, but transferable deposits are still larger than cash (both increased by roughly the same percentage). Source: cbr.ru/vfs/eng/stat...
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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
There is one notable change: Russian households and businesses are preferring liquid assets over savings accounts and time deposits (uptick in dashed line). This leads to an increase of cash AND transferable deposits. The main reason: falling interest rates.
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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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