“Russia’s sanctions-defying economy, propelled higher by the Ukraine war, is suddenly coming back down to earth,” the Wall Street Journal reports.“Fueled by massive military spending and steady oil exports, Russia recorded some of the highest growth rates among major economies over the past two years. But in recent weeks economic indicators have been flashing red: Manufacturing activity is declining, consumers are tightening their belts, inflation remains high and the budget is strained.”“Russian officials are now openly warning of the risks of a recession, and companies from tractor producers to furniture makers are reducing output. The central bank said Thursday that it would debate cutting its benchmark interest rate later this month after lowering it in June.”