The recent viral video of Victoria Bonya, a Russian influencer, critiquing Vladimir Putin's handling of the Russian economy has sparked widespread public discontent. This 18-minute video, which has received around 32 million views and 1.7 million likes, highlights a growing trend of economic pessimism among Russians. The video attacks the government's failed response to extreme flooding, rising inflation, and taxes, and directly challenges Putin's leadership. While Russians have not yet staged a Bolshevik-style rebellion, the country's economy is showing signs of strain, particularly in its people. The Gallup poll reveals a record-high 60% of Russians believe economic conditions are getting worse, with only 27% reporting improvement. This shift in sentiment is significant, as it challenges the Kremlin's hold on social stability. The 'everyday patriotism' truce, which allowed Russians to maintain their pre-war lives, is fracturing. The government's tax hikes and broken promises have led to rising unemployment and small business closures. The Russian economy, once resilient, is now facing severe strain, with a depleted sovereign wealth fund and collapsing oil and gas revenues. The labor shortage and manufacturing constraints further complicate the situation. The fundamental constraint, according to economist Matthew Klein, is access to people, technology, and productive capacity. This breakdown is reflected in the declining economic mood, with a rising share of Russians losing faith in institutions and employment prospects. As the war in Ukraine continues, Putin's commitments to maintain his war machine are becoming increasingly difficult to finance while keeping the public on his side.
