National Wealth Fund

Russia’s National Wealth Fund, the country’s key rainy-day reserve, saw its liquid assets shrink by 14% in May 2025 as war spending surged and global oil prices dropped, Bloomberg reported on June 4.

Igor Lipsits was once one of Russia’s leading economists—a professor, author, and government advisor who spent decades studying and shaping economic policy. But today, he finds himself in exile, labeled a "foreign agent" by the Kremlin, unable to return to his home country. In an exclusive interview with The New Voice of Ukraine, Professor Lipsits explains how his outspoken views on Russia’s economic failures made him an enemy of the state. He also breaks down the Kremlin’s attempts to maintain an illusion of economic stability while key industries collapse, and he warns of a financial crisis that could shake Putin’s regime.