Since the Ukraine War started in February 2022 everyone in the West would like to understand how Russia's economy is doing in order to get a feel for how long it can sustain the war effort. This Report works from the underlying data prior to Feb 2022 and what is available since then. One of the surprising conclusions is how well Russia was run in the two decades up to 2022 and how healthy its fiscal situation was. The War has obviously caused some strain on the Public Finances but the underlying economy appears healthy for now.