
Secret spending hits record level PRO Members Public
The Russian government on Monday sent its 2025-2027 budget to the State Duma, outlining plans that will see defense spending hit a post-Soviet record at 6.3% of GDP. We wrote about the plans for another ramp-up in Russia’s military spending in Friday’s newsletter. The publication of the

THE BELL WEEKLY: Russia’s unprecedented secret spending PRO Members Public
Hello! This week we analyze Russia’s official spending plans for 2025 — the most classified budget proposal in history with record-high defense spending that neither the government nor business press are talking about. We also look at Vladimir Putin’s latest set of nuclear threats to the West. Secret spending

Russia on track to set new military spending records PRO Members Public
Hello! Welcome to your weekly guide to the Russian economy — written by Alexandra Prokopenko and Alexander Kolyandr and brought to you by The Bell. This week, our top story is a deep-dive analysis of the draft budget for the next three years. We also look at why Gazprom’s profitability

Russia vs Darwin PRO Members Public
L'enseignement scolaire en Russie reste un domaine clé de réforme pour les autorités et les législateurs, qui cherchent à enraciner une identité nationaliste et conservatrice plus profonde au sein de la prochaine génération. Parmi les propositions récentes figurent l'introduction de cours de "chasteté" et la suppression des cours d'anglais du programme scolaire. Aujourd'hui, les autorités russes, encouragées par le

Shootout at Wildberries: Who’s who in the battle for Russia’s Amazon PRO Members Public
The saga of the Bakalchuks, the co-founders of Wildberries, Russia’s leading online marketplace, escalated dramatically last week, entering a new and dangerous phase. A brazen attempt by Vladislav Bakalchuk to storm the company’s Moscow headquarters turned into a shootout which killed two people and saw more than 30

THE BELL WEEKLY: Battle for Russia’s Amazon turns deadly PRO Members Public
Hello! This week we look at the deal that led to a deadly shootout at Russia’s top online retailer. We also pick apart proposals on banning the teaching of evolution in Russian schools. Shootout at Wildberries: Who’s who in the battle for Russia’s Amazon The saga of

New US sanctions hit mid-tier online providers PRO Members Public
New US sanctions on the use of American software in Russia — agreed in June — have been in place since Sep. 12. The measures were designed to deprive Russian companies of access to business management, design and production tools. There were some exceptions in place to prevent undue disruption, but this

Opposition financier accused of ordering attacks on Navalny allies PRO Members Public
Russia’s opposition in exile has been hit by a monumental scandal, the likes of which may never have been seen before. Alexei Navalny’s Anti-Corruption Foundation has accused Leonid Nevzlin, the billionaire former business partner of Mikhail Khodorkovsky, of organizing a series of attacks on the group’s key

THE BELL WEEKLY: Attacks-for-hire scandal rocks Russian opposition PRO Members Public
Hello! This week we look at a major scandal among the Russian opposition after allies of the late Alexei Navlany alleged a close associate of former oligarch Mikhail Khodorkovsky ordered violent attacks against them. We also look at another exodus of tech companies as a result of the latest US

Is Russia’s economy addicted to military spending? PRO Members Public
Hello! Welcome to your weekly guide to the Russian economy — written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week, our top story is an analysis of whether—and how—Russia’s economy could demilitarize in the event of a ceasefire in Ukraine. We