Russia’s economy may seem resilient on the surface, but according to Sergei Guriev, Dean of the London Business School, it’s held together by a fragile system of propaganda, half-truths, and strategic maneuvering. Cracks are forming in Russia’s economic armor—cracks that could expose the country’s vulnerabilities. The question is: how long can Putin’s regime keep these hidden from view? On the first Navigating Noise episode, Sergei peeled back the layers of Russia's economy, showing that what we see isn’t always the full picture. Sergei Guriev is the ideal expert to shed light on these issues in the Russian economy. As the current dean of the London Business School, Sergei brings a wealth of experience to the table. He spent nearly 12 years as a Professor of Economics at Sciences Po, where he taught and researched political economics, labor mobility, development, and transition economics. Sergei also served as the Chief Economist of the European Bank for Reconstruction and Development for three years. Before fleeing to live in France, he was Professor of Economics and Rector at Moscow’s New School for economics. In today’s episode, Jonathan Teubner, Peter Pomerantsev, and Sergei Guriev review the five biggest flaws, backed by Sergei's insights into Russia’s war-driven economy: 1. Inflation Is Underreported, Masking Deeper Problems 2. The Rising Cost of Soldiers and Depleted Manpower 3. Hidden Regional Disparities Threaten Stability 4. Misleading GDP Growth Driven by Military Spending 5. Increasing Reliance on China Raises New Risks Understanding them will help you decode the challenges Russia faces as it navigates an uncertain future.