Russian economy meltdown fears as Putin ally issue dire warning

Vladimir Putin has been issued a stark warning about the state of Russia's economy. It comes after one of his close allies and head of the biggest bank in Russia, German Gref, urged him to enforce immediate measures to avoid a recession. Gref, the CEO of Sberbank, warned Putin that the country's wartime economy is stagnating. Military spending in Russia has hit record highs since the invasion of Ukraine, causing inflation and high interest rates. The economy is also suffering from a shortage of workers due to the mobilisation of hundreds of thousands of men into the military.