>Who is buying Russian treasuries?

Obviously domestic investors. EU sanctions locked them on domestic market and with current macro indicators buying Russian debt is a no-brainer.

> Also how did the GDP grow by 1% in 2025, is that a function of the internal Defence spending activity?

Russia poured a lot of money in the economy, so it wasn’t just military spending. Generous payouts to families of killed and wounded soldiers did magic to local property markets. It also accelerated inflation, which pushed people to spend more. At the same time imports from the West dropped, only partially compensated by Chinese. Central bank had to raise interest rates multiple times targeting inflation and preventing economy from overheating. Now it started dropping the rates, taking into account that borrowing already suppressed and military spending is lower this year.

> how did the GDP grow by 1% in 2025

Build tanks -> increase GDP

Send those tanks to burn with men inside -> increase GDP per capita

I think national growth minus growth in the military sector was negative last year.

It looks like Russian bonds are largely bought by Middle Eastern based hedge funds and family funds or trusts.

> is that a function of the internal Defence spending activity?

Yes, pretty much. But even that peaked at some point in 2023 and is trending downwards now.