Under Putin Russia’s economy has been given out to his oligarch allies, growth is stagnating and what once an economic power is just a shell of what it once was.
It is true that Russia still is a military power with the second biggest military budget in the world after the USA of course with China predicted to get the second spot very soon. But that is about it, Russia’s economic fortunes have been falling. Putin is not a great economist but he knows what will keep his approval ratings high in the short term while he is still in power. Through wars such as those in Chechnya, Ukraine and Syria he is changing the topic so people can’t focus on the economy.
The truth is that many people have become very very rich from Putin’s regime but the country has suffered a lot, Russia has a very high amount of billionaires but at the same time has very few of the world’s biggest companies that are not state owned in particular.