Putin's Approval Hits Five-Year Low as Russian Economy Falters

Vladimir Putin’s approval rating has dropped to 65.6% according to the Russian Public Opinion Research Center, marking a decline of 12.2 percentage points from its 88% peak earlier this year and the lowest level since the Ukraine war began. The erosion reflects growing public frustration with prolonged military conflict and economic deterioration, though actual sentiment may be masked by Russia’s strict policy against war criticism, which is treated as a criminal offense.

Economic Crisis Deepens

Russia’s economy is deteriorating rapidly. Gross domestic product fell 1.8% in January and February combined, while unpaid commercial bills reached a record $109 billion in January, according to Russia’s federal statistics service. Nearly 440,000 businesses are behind on their tax payments.

At a business forum in Moscow in April, executives and economists delivered unusually blunt criticism of the government. Vladimir Bogalev, who runs a tractor manufacturing company, stated that those in power had completely lost touch with the real economy and were actively discrediting themselves.

Putin appeared on television on April 15 to publicly demand answers from his ministers, acknowledging that the economic numbers were worse than even his own government had predicted. Economy Minister Maxim Reshetnikov told a separate business conference that the country’s financial reserves are “largely exhausted.”

The central bank, which had raised interest rates above 20% to combat inflation, has since cut rates five times in succession, bringing the benchmark rate to 14.5%. Economists now warn of the opposite risk—that the economy could overcool into a full recession.

Communist Party leader Gennady Zyuganov delivered the starkest warning, telling parliament that without urgent action, Russia could face a revolution by autumn, comparing the current situation to 1917, when the Bolsheviks overthrew the government.

Sweden’s military intelligence chief told the Financial Times that Russia’s defense industry is losing money, corrupted from within, and dependent on state bank loans. “It’s not a sustainable growth model,” he said.

A temporary boost came from rising oil prices following the U.S.-Israeli conflict with Iran. However, Ukrainian drone strikes on Russian ports and refineries forced Moscow to cut oil production by 300,000 to 400,000 barrels per day in April, eroding those gains.

Government Crackdowns Intensify

Instead of addressing public frustration, Russia has intensified domestic crackdowns. Eksmo, one of the country’s largest publishers, was raided for portraying LGBTQ content in young adult fiction. Police searched the offices of Novaya Gazeta, the last significant independent newspaper. Russia’s Supreme Court labeled Memorial, the country’s oldest human rights group, an extremist organization—a move the United Nations characterized as the criminalization of human rights work.

The FSB Academy, where Putin trained as a KGB officer, was renamed after Felix Dzerzhinsky, the feared founder of the Soviet secret police.

Internet blackouts have added to public frustration. Putin referred to them as measures to deal with counterterrorism operations, with no advance warning to the public, as he argued that criminals could exploit such information. Russians remain unconvinced. “We already lived behind the Iron Curtain once,” said Tatyana, 53, a logistics manager. “Now we have a digital one.” A 19-year-old student named Igor was more direct: “Everyone wants to leave. No one wants to tie their future to this country.”