俄罗斯正处于一个重大的经济转折点，这是由于军事支出高涨和日益增长的能源危机而负担。

随着财政资源的减少，乌克兰冲突的成本变得难以忍受。在2025年，军事支出的增加和能源收入的下降使该国面对前所未有的经济挑战。

As financial resources dwindle and the cost of the conflict in Ukraine becomes unbearable, Russia is at a major economic turning point. Soaring military spending and a growing energy crisis are putting immense pressure on the government's budget. In 2025, the increase in military spending and the drop in energy revenues could put the country face to face with an unprecedented economic challenge.

随着财政资源的减少和乌克兰冲突的成本变得难以忍受，俄罗斯正处于一个主要的经济转折点。军事支出飙升和不断增长的能源危机在政府的预算上施加了巨大的压力。在2025年，军事支出的增加和能源收入的下降可能会使该国面对前所未有的经济挑战。

An explosion in military spending and a rapidly growing deficit

军事支出的爆炸和迅速增长的赤字

Since the beginning of the conflict in 2022, Russia has concentrated its economic resources on its military spending, fundamentally altering the structure of its economy. The absolute priority given to military spending has had direct consequences on state finances.

自2022年冲突开始以来，俄罗斯将其经济资源集中在军事支出上，从根本上改变了其经济结构。给予军事支出的绝对优先事项对国家财政产生了直接影响。

This financial imbalance illustrates the growing impossibility of sustaining a prolonged war and seeking to maintain economic stability in the face of external pressures.

这种财务失衡表明，面对外部压力时，不可能维持长期战争并寻求维持经济稳定的可能性。

The effect of sanctions and the erosion of energy revenues

制裁的影响和能源收入的侵蚀

Russia, historically dependent on its hydrocarbon exports to finance its economy, today sees its energy revenues significantly eroded, a direct consequence of international sanctions and falling oil and gas prices.

从历史上看，俄罗斯依赖其为经济融资的碳氢化合物出口，今天看到其能源收入大大侵蚀，这是国际制裁以及石油和天然气价格下跌的直接结果。

Currently, oil and gas exports no longer suffice to cover the extent of military expenditures, creating unprecedented pressure on Russian finances.

目前，石油和天然气出口不足以覆盖军事支出的程度，从而对俄罗斯财政造成了前所未有的压力。

This situation highlights the fragility of the Kremlin’s economic model, which relies heavily on revenues from an energy sector whose profitability is now undermined by external constraints.

这种情况凸显了克里姆林宫经济模式的脆弱性，该模型在很大程度上取决于能源部门的收入，该能源现在因外部限制而破坏了盈利能力。

The decline in exports and stagnation in global commodity prices put Russia in a delicate position, where economic diversification becomes increasingly urgent yet difficult to achieve, given the intensification of military conflict.

鉴于军事冲突的加剧，全球商品价格的出口和停滞在全球商品价格中的停滞使俄罗斯处于微妙的位置，经济多样化变得越来越迫切但难以实现。

The repercussions of this economic crisis are deep and multifaceted. Experts stress that without a return to stability on the geopolitical front or a swift resolution of the conflict, Russia could find itself in a spiral of hyperinflation, leading to a deterioration in the quality of life for its citizens and a potential collapse of the domestic economy. The tightening of sanctions and the fragility of the energy market threaten to prolong this period of stagnation, with possible consequences for social cohesion and government legitimacy.

对这种经济危机的影响是深刻而多方面的。专家们强调，如果没有在地缘政治阵线上恢复稳定或迅速解决冲突的情况下，俄罗斯可能会发现自己处于过度通货膨胀的螺旋式上，从而导致其公民的生活质量恶化，并可能导致国内经济崩溃。制裁的收紧和能源市场的脆弱性有可能延长这一停滞时期，这可能会对社会凝聚力和政府合法性造成后果。