As Russia's economy rebounds from a 2.1% contraction in 2022, the key question will be how the economy copes with overheating, with supply-side constraints likely to curb growth, said Liam Peach, senior emerging markets economist at Capital Economics.
"Households have experienced a big rise in their incomes, but I don't think it's sustainable," said Peach. "Higher inflation means a bigger squeeze on household incomes ahead of the election."