Russian financial collapse

Tax hikes and the start of Russia’s first economic downturn since 2023 have left hundreds of thousands of companies unable to pay taxes. In 2025, the number of companies with tax debt rose 12% to 391,800, and in the first quarter of 2026 it climbed by the same amount again, to 439,900, Forbes reported.

Russia’s construction sector has begun to unravel and could drag the banking system down with it, forcing the central bank to print money and risking hyperinflation above 50% a year, Russian economist Igor Lipsits told NV.

Russia’s Central Bank is masking long-term instability with short-term fixes, therefore making it vulnerable to Donald Trump’s proposed secondary sanctions, the Institute for the Study of War (ISW) wrote on July 17.

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.