Russia's economy is headed into the 'snare of perpetual war' as the Kremlin plans record-high military spending for 2024, think tank says

• Russia's economy is in for the "snare of perpetual war," the Carnegie Endowment said.
• That comes as the Kremlin plans to dial up its military budget for 2024.
• But spending even more on the military could set up the economy for high inflation and a deteriorating quality of life.

Russia is signaling to the world that it's preparing for a prolonged war in Ukraine – and that could set up the economy for high inflation and a deteriorating quality of life.