Vladimir Putin’s war on Ukraine is putting Russia’s economy under “considerable strain”, as Moscow grapples with surging inflation, a tumbling rouble and a ballooning defence budget, a new US briefing claims. As a result of the war and sanctions imposed by the West, the Russian economy is now 5pc smaller than it otherwise would have been, the assessment argues. According to a draft statement prepared by the US Treasury, reported by the Financial Times, Moscow is now being forced to spend more than $100bn (£79bn) on defence - about one third of all government expenditure. At the same time, the stretched budget is forcing it to hold…
