Jonny Tickle, Jeremy Morris and James C Pearce discuss two major developments shaping Russia in 2026: the sustainability of the wartime economy and the potential shutdown of Telegram.

The first half of the episode examines a recent Economist article arguing that Russia’s economy has entered a “death zone,” where military spending sustains headline growth while gradually eroding long-term productive capacity. The trio debate whether the war economy is merely stagnant or structurally self-destructive, touching on oil revenues, investment shortages, high interest rates, mortgage growth, consumer confidence, savings disparities, and the limits of fiscal resilience. They also ask what a post-war Russian economy might look like and whether Western policymakers are prepared for that scenario.

The second half turns to the possible throttling or banning of Telegram. The discussion explores how central the platform has become for news, commentary, commerce, and everyday communication, and whether blocking it would strengthen state control or unintentionally drive more Russians toward VPNs and alternative information spaces. They consider comparisons with China’s internet controls, Russia’s attempts to promote the state-backed app Max, and the broader question of how information control intersects with economic stress.

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