The combination of a declining currency and a ballooning budget deficit has led to talk of a hard landing for the Russian economy in 2025. After two years of strong growth, which has confounded many analysts’ gloomy predictions, the pace of expansion will slow sharply. The economic bill for the war is at last coming due. It could be a big one. ■

President Vladimir Putin said there isn’t any reason for Russians to panic after the currency fell to its lowest level since the days following Moscow’s invasion of Ukraine.