Russia’s industrial sector posted its steepest decline in more than two years in July, as new data revealed mounting strain across manufacturing. A sharp drop in key indicators points to a weakening wartime economy increasingly burdened by labor shortages, sanctions, and structural inefficiencies. According to S&P Global’s Purchasing Managers’ Index (PMI), Russia’s overall manufacturing PMI plunged to 48.2 in July, down from 52.4 in June. A reading below 50 indicates contraction.