Russian President Vladimir Putin can continue funding the war in Ukraine for several more years despite rising economic strain, former Russian central bank deputy chairman Sergey Aleksashenko told CNBC on Friday.
Aleksashenko noted that the Bank of Russia expects just about 1% GDP growth in 2025, a sharp cooldown from 4.3% last year. Still, he argued on CNBC’s “Europe Early Edition” that Russia's fiscal capacity remains formidable.
"Unfortunately, yes,” he said when asked if Putin can keep financing the war. “He is able to finance the war another two, three years, at least. Maybe more.”
Russia’s full-scale invasion of Ukraine began in early 2022.
Russia’s Legal Fight Over Frozen Assets
Russia's central bank on Friday said it is suing Belgian clearing giant Euroclear, alleging losses tied to frozen Russian state assets and blocked financial flows.
The move follows European Union proposals to channel proceeds from immobilized Russian assets toward Ukraine's reconstruction.
Moscow has repeatedly insisted it will retaliate if Western nations proceed with any plan to seize or repurpose Russia's frozen assets.
Trump’s Patience Wearing Thin As Peace Talks Drag
Meanwhile, President Donald Trump is signaling growing irritation over the lack of progress in negotiations between Washington, Moscow, and Kyiv.
Press Secretary Karoline Leavitt told reporters on Thursday that Trump was "extremely frustrated with both sides of this war" and "sick of meetings just for the sake of meeting."
The peace proposal, initially drafted by the U.S. and Russia without input from Ukraine, has been altered from its original 28-point version. Ukraine would be slated to join the European Union by January 1, 2027, under the latest draft proposal being discussed, the Financial Times reported on Friday.
Trump, who had vowed to end the war during his election campaign, told reporters in the Oval Office on Thursday that he thought the US was "very close with Russia to having a deal. I thought we were very close with Ukraine to having a deal."
The Trump administration has reportedly pushed for a peace deal before Christmas, but talks have stalled over key sticking points, including territorial concessions and security guarantees for Ukraine.
The White House also said Trump is “aware” of a new proposal submitted by Ukrainian President Volodymyr Zelenskyy, though details remain undisclosed.
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