Back to today’s briefing

Story perspectives

Russia's Financial Strain Grows Amid War's Fourth Year

12/28/2025

29 2 Full Breakdown

Summary

Story summary

Russia's financial system is under growing strain as the war enters its fourth year.
Energy revenue has dropped due to slumping prices and tightened sanctions, leading Moscow to tap its sovereign wealth fund and raise taxes.
Unpaid wages have surged and many companies face financial distress.
Experts warn that if loan issues escalate, Russia could face a banking crisis by next October.

1 of 1

Story summary

Russia's financial system is under growing strain as the war enters its fourth year.
Energy revenue has dropped due to slumping prices and tightened sanctions, leading Moscow to tap its sovereign wealth fund and raise taxes.
Unpaid wages have surged and many companies face financial distress.
Experts warn that if loan issues escalate, Russia could face a banking crisis by next October.