Putin’s War to Lop $190 Billion Off Economy in Delayed Reckoning

Russia avoided an economic debacle in the aftermath of President Vladimir Putin’s war in Ukraine, in what was an opening act of a slow-burning crisis that will play out in the years to come.

An economy Putin once wanted to make one of the world’s five biggest is on a path to lose $190 billion in gross domestic product by 2026 relative to its prewar trajectory, according to Bloomberg Economics, roughly the equivalent of the entire annual GDP of countries like Hungary or Kuwait.

But even as Russia logged its third straight quarter of contraction to end 2022, ...