The Bell

Russia has fallen into a political and structural trap: the economy has been rebuilt around military production and cannot return to normal without a structural crisis. Even an end of the war would bring only limited relief.

...a forced price for its overheating and growth of more than 4% in 2023–2024. The majority of civilian industries have slipped into negative territory, while growth is seen primarily in sectors related to the war and government procurement.

The word of 2025 in Russia, according to an online poll, was “anxiety.” And people in Russia really do have plenty to worry about. The year now coming to an end will be remembered for a significant slowdown in the growth of the Russian economy...

How Russia's economy changed in 2025 This week we bring you a state of the nation rundown, a look at the condition of Russia’s economy as it enters 2026.

This week we bring you a state of the nation rundown, a look at the condition of Russia’s economy as it enters 2026.

thebellio.substack.com/p/how-russia...

Revolut founder Storonsky Raises His Stake to 29% | The Bell Nikolay Storonsky’s stake in Revolut — Europe’s most valuable startup — has grown from 25% to around 29% since last year, Storonsky told journalist Elizaveta Osetinskaya in an interview.

Revolut founder Storonsky Raises His Stake to 29%. The Holding Is Worth Nearly $25bn.

en.thebell.io/revolut-foun...

Central Bank prepares end-of-year cut | The Bell Next week the Central Bank will take its final interest rate decision of the year, likely cutting borrowing costs by at least 50 basis points, to 16%, amid slowing inflation.

Russia's Central Bank prepares end-of-year cut:

en.thebell.io/central-bank...

The most hated woman in Russia Our focus this week is on a legal scandal that has gripped the headlines for weeks — and what it tells us about celebrity culture in Russia today.

More here:

substack.com/home/post/p-...

As a result, Dolina recovered the elite property, leaving a good-faith buyer without a home and out one million dollars. The episode turned the singer into a focal point of public outrage — she is now widely described as the most hated woman in Russia.

Among those who fell for the fraudsters was Larisa Dolina, a popular pop singer and longtime supporter of Vladimir Putin. After realizing she had been deceived, she managed to have the sale of her luxury apartment declared invalid.

Over the past few years, the majority of people in Russia have encountered calls from supposed “Central Bank employees” or “FSB officers” who, under the pretext of protecting victims’ money, urge them to transfer funds to so-called secure accounts.

Phone scammers steal billions of dollars from Russians every year.

The most hated woman in Russia Our focus this week is on a legal scandal that has gripped the headlines for weeks — and what it tells us about celebrity culture in Russia today.

The most hated woman in Russia

thebellio.substack.com/p/the-most-h...

Final battle for Russia's frozen billions This week we look at the battle over whether the EU will channel Russia’s frozen assets to Ukraine — and how Moscow is already responding.

This week we look at the battle over whether the EU will channel Russia’s frozen assets to Ukraine — and how Moscow is already responding.

thebellio.substack.com/p/final-batt...

Russia’s economy hit the brakes? The Bell Webinar Join the authors of our weekly newsletter, Alexander Kolyandr & Alexandra Prokopenko for an hour-long dissection of Russia's economic unraveling

Thank you to everyone who joined us for our webinar yesterday, and for your thoughtful questions! The full video is now available on our website for our paid subscribers:

en.thebell.io/russias-econ...

The Bell — A webinar and Q&A session with Alexander Kolyandr and Alexandra Prokopenko Russia’s economy hit the brakes — is a full stop coming? December, 10

TODAY at 14:30 CET / 8:30 EDT!

Paid subscribers will receive a link directly to their inboxes.

If you would like to join the event today, you may subscribe to for just $1 for the first month, cancel anytime, and will be sent a link.

Looking forward!

pro.thebell.io/webinar_dece...

The Bell — A webinar and Q&A session with Alexander Kolyandr and Alexandra Prokopenko Russia’s economy hit the brakes — is a full stop coming? December, 10

TODAY at 14:30 CET / 8:30 EDT!

Paid subscribers will receive a link directly to their inboxes.

If you would like to join the event today, you may subscribe to for just $1 for the first month, cancel anytime, and will be sent a link.

Looking forward!

pro.thebell.io/webinar_dece...

The Bell's monthly briefing — November Hello! This is your Monthly Briefing from The Bell — the month’s most important developments, captured in charts, analysis, and recommended reading.

Our latest Monthly Briefing:

thebellio.substack.com/p/the-bells-...

Russia approaching end-game of digital repression This week we look at Russia’s intensifying assault on foreign internet platforms: new threats against WhatsApp, blocking of FaceTime and Snapchat, and increasingly sophisticated tools to block VPNs.

More in our newsletter today:

thebellio.substack.com/p/russia-app...

“I think we’re heading toward a situation where, as soon as next year, no major platforms will remain accessible in Russia,” says cyber-lawyer Sarkis Darbinyan. The only exceptions will be services willing to comply with Russian law, meaning those prepared to cooperate with the security services.

In early December, Russian authorities also blocked Roblox, the hugely popular gaming platform among children and teenagers. Of the company’s 151 million daily users, roughly 18 million were in Russia.

But since last year, YouTube has been effectively unusable due to state-imposed “throttling.” And by late November, the crackdown finally reached the popular messaging app as well.

The Russian government’s war on the open internet has entered its final phase. When the Kremlin began blocking various websites in the mid-2010s, many assumed there were two services it would never touch: YouTube and WhatsApp.

Since 2021, 8 of Russia’s top 10 online services have been blocked, pushed out, or taken over.

The Bell — A webinar and Q&A session with Alexander Kolyandr and Alexandra Prokopenko Russia’s economy hit the brakes — is a full stop coming? December, 10

TOMORROW! Russia’s economy hit the brakes — is a full stop coming?

Join Alexander Kolyandr and Alexandra Prokopenko for a live webinar followed by Q&A. Bring us your tough questions! Exclusively for our paid subscribers: first month now only $1, cancel anytime.

pro.thebell.io/webinar_dece...

Russia approaching end-game of digital repression This week we look at Russia’s intensifying assault on foreign internet platforms: new threats against WhatsApp, blocking of FaceTime and Snapchat, and increasingly sophisticated tools to block VPNs.

This week we look at how Russia’s assault on foreign internet platforms is reaching its final stage, with new threats against WhatsApp, the blocking of FaceTime and Snapchat, and increasingly sophisticated tools to stamp out VPNs.

thebellio.substack.com/p/russia-app...

EU puts Russia on financial blacklist This week we analyze the EU’s decision to put Russia on its financial blacklist, and what Putin hopes to bring back from his trip to India.

Read more here in our latest Substack (free to read):

thebellio.substack.com/p/eu-puts-ru...

It's already likely many major banks and companies will start avoiding transactions with Russian clients to reduce their own risk and avoid increasing compliance workloads. Cross-border trade operations will become more complicated and expensive, which will also affect the cost of importing goods.

In a response to The Bell’s inquiry, the European Commission clarified that being added to the list does not mean a ban on financial transactions and will not automatically apply to Russians living outside Russia. However, financial institutions will apply enhanced compliance measures.

Last week, the EU added Russia to its list of countries with a high risk of money laundering and terrorist financing. This does not carry consequences as severe as being placed on the FATF blacklist, but it will certainly create problems for Russians. (continued below)

The Bell — A webinar and Q&A session with Alexander Kolyandr and Alexandra Prokopenko Russia’s economy hit the brakes — is a full stop coming? December, 10

This Wednesday at 8:30 EDT / 14:30 CET, The Bell’s Alexander Kolyandr and Alexandra Prokopenko will host a live webinar exclusively for our paid subscribers.

We are now offering subscriptions for just $1 for the first month, cancel at any time. Please join us!

pro.thebell.io/webinar_dece....