Vladimir Putin Faces Rising Discontent as War in Ukraine Drags and Russia’s Economy Flounders

The Washington Post reports that President Vladimir Putin is facing rising discontent across Russian society as “the war against Ukraine drags on,” with the economy “flounder[ing]” and “public dissatisfaction” mounting alongside “government restrictions on internet access.”

“Toplines The Russian Central Bank lowered its key interest rate for the third time in 2026 and eighth time in the last 12 months while continuing attempts to portray the Russian economy as stable”

Institute for the Study of War

The same Washington Post account frames the situation as a broad political and social strain, describing “Democracy Dies in Darkness” as the war continues and restrictions intensify.

Institute for the Study of War

In parallel, the Institute for the Study of War’s “Russian Offensive Campaign Assessment, April 24, 2026” describes how Russia’s wartime pressures are showing up in economic and labor conditions, even as official narratives attempt to portray stability.

The Institute for the Study of War says the Russian Central Bank “lowered its key interest rate from 15 to 14.5 percent” on April 24, while also continuing attempts “to portray the Russian economy as stable.”

It adds that the Central Bank claimed unemployment remains at “historic lows” and that “wage growth continues to outpace productivity growth,” even as it acknowledges that the economy slowed and “core inflation rose in the first quarter of 2026.”

Taken together, the Washington Post’s depiction of bleakening public mood and the Institute for the Study of War’s economic reporting point to a Russia under sustained strain, with war-linked pressures affecting both daily life and official policy messaging.

The Institute for the Study of War’s April 24 assessment ties Russia’s monetary moves to the broader conflict environment, noting that the Russian Central Bank “slightly raised its average key rate forecast range for 2026 to 14 to 14.5 percent from 13.1 to 14.3 percent.”

It says the Central Bank attributed the change to “inflationary risks ‘significantly’ increased due to the conflict in the Middle East and potential changes to Russia’s fiscal policy.”

Institute for the Study of War

The assessment also reports that the Central Bank adjusted its forecast for the “price of oil per barrel in the medium term to $65 from $45,” linking the shift to “global oil price spikes throughout March and April 2026.”

In the same report, the Institute for the Study of War argues that “Elevated Russian oil revenues may enable the Kremlin to continue to finance its war against Ukraine in the medium term,” while also stating that it is “unlikely to reverse the years of poor economic policy.”

The assessment further says Russia is “incurring high levels of external debt” and has “gradually depleted its liquid reserves to fund its war in Ukraine,” while “ignoring the long-term economic implications of the Kremlin’s economic policies.”

It adds that Russia had to “resort to selling its physical gold reserves in November 2025 due to unsustainable spending,” and it reports that Russia raised its “value-added tax (VAT) from 20 to 22 percent as of January 1, 2026.”

These details portray a fiscal and monetary picture in which war finance and inflation pressures are intertwined with policy adjustments and resource drawdowns.

The Institute for the Study of War’s assessment describes how public opinion data is moving in ways that reflect mounting pressure tied to the war, even as official messaging tries to manage perceptions.

“Democracy Dies in Darkness By Catherine Belton and Natalia Abbakumova President Vladimir Putin is facing rising discontent across Russian society as the war against Ukraine drags on, the economy flounders and public dissatisfaction mounts over government restrictions on internet access”

Washingtonpost

It says polls from “both Russian state-owned and independent institutions continue to acknowledge growing societal discontent with Russian President Vladimir Putin,” attributing this to “mounting war sacrifices for the Russian people” and “the Kremlin’s intensified censorship campaign.”

The report cites VTsIOM polling published on April 24, stating Putin’s approval rating declined “for the seventh week in a row” from “66.7 percent during the week of April 6 to 12” to “65.6 percent during the week of April 13 to 19.”

It also reports that “trust in Putin fell to 71 percent during the week of April 13 to 19, down from 72 percent during the week of April 6 to 12.”

The Institute for the Study of War then contrasts this with a different dataset, saying a source told Meduza that the Russian Presidential Administration’s political bloc advised state media to “either cite Putin’s more favorable approval rating from the Kremlin-linked Public Opinion Forum (FOM) or omit reports with polling data entirely.”

It adds that FOM’s “most recent polling data found that Putin’s approval rating was around 76 percent during the week of April 17 to 19,” describing “a difference of almost ten points” compared to VTsIOM.

The assessment also states that FOM data indicates a “medium-term decline,” with Putin’s approval rating “between 75 and 76 percent as of late April 2026, down from 78 to 80 percent in February 2026.”

In this account, the war’s duration is linked not only to economic strain but also to shifting approval metrics and the Kremlin’s handling of information.

While the Washington Post emphasizes the human and political dimension of a war that “drags on,” the Institute for the Study of War frames the next phase through economic constraints and policy tradeoffs that affect Russia’s ability to sustain conflict.

The Institute for the Study of War says that “Russia’s extremely low unemployment rate reflects the fact that Russia is experiencing labor shortages,” and that this is “likely causing wage inflation in the civilian and defense sectors,” which “contributing to overall inflation.”

Institute for the Study of War

It also reports that Russia has “gradually depleted its liquid reserves to fund its war in Ukraine,” and that it has “steadily depleted its sovereign wealth fund’s liquid reserves” to finance the conflict.

The assessment adds that Russia’s “annual inflation as of April 20 was 5.7 percent,” while also noting that the Central Bank claimed core inflation increases were due to “one-off factors.”

It further states that “Russia’s inflation rate is also likely much higher than the Central Bank claims,” citing “grocery prices rising in the early months of 2026.”

In the same report, the Institute for the Study of War says Russia’s federal deficit reached “4.6 trillion rubles (roughly $61 billion) in the first quarter of 2026,” compared with a planned “3.8 trillion rubles (roughly $50 billion) deficit for all of 2026.”

It also reports that “had to resort to selling its physical gold reserves in November 2025.”

The Washington Post, meanwhile, links the war’s continuation to “public dissatisfaction” and “government restrictions on internet access,” reinforcing the idea that the conflict’s duration is shaping both state policy and public tolerance.