War in Ukraine

For more than two centuries, Sweden remained militarily non-aligned. Russia’s aggression changed that almost overnight. Today, Sweden is one of Kyiv’s largest military backers, has joined NATO , and is even adapting its own armed forces based on lessons learned from Ukraine’s battlefield.

Could 2026 be the year the Russian war economy finally breaks? After years of defying sanctions and outperforming expectations, the costs of financing an economy built for war are becoming increasingly difficult to hide.