(MOSCOW, RUSSIA) – Prominent Russian business figures have begun openly criticising the state of the country’s economy, warning that years of war and financial strain are pushing companies and regional governments towards bankruptcy. The comments, rare in their directness, reflect growing concern within Russia’s economic elite about inflation, high borrowing costs and declining industrial output.
One of the most notable voices is Oleg Deripaska, a long standing figure among Russia’s wealthiest businessmen and historically close to the Kremlin. Deripaska has publicly questioned decisions taken by the Russian central bank, arguing that its policies have intensified inflation, disrupted logistics and increased fuel shortages. He has warned that thousands of companies could collapse under current conditions.
The criticism is significant because it comes from individuals who previously supported the war against Ukraine, expecting political influence and financial gain. Instead, after several years of sustained military spending and international sanctions, many large firms are reporting rising debts rather than profits. Russian business media have noted that some of the country’s most recognisable energy and industrial companies now feature prominently in debt rankings, a sharp contrast to earlier years when they symbolised national wealth.
Deripaska and other business figures argue that the crisis is not approaching but already unfolding. They point to interest rates at levels that make borrowing unviable for small and medium sized firms, alongside tax changes that have expanded the burden on businesses and households. Defaults reportedly rose sharply in 2025 compared with the period immediately after the full scale invasion began.
Inflation remains a central concern. Business leaders claim that the rouble is being artificially supported and that its market value would be closer to 100 to 105 roubles per US dollar, roughly equivalent to USD 1.00. They argue that currency weakness feeds directly into higher prices for fuel, food and consumer goods across Russia’s vast territory.
Fuel shortages and rising petrol prices have further strained logistics, especially in remote northern and eastern regions. Transport disruptions, cancelled flights and increased delivery costs have pushed up prices nationwide. These pressures affect not only households but also core industries that depend on reliable supply chains.
Several key sectors are described as being in serious difficulty, including metallurgy, aluminium production, oil, gas, coal and food processing. Executives in energy and mining have reportedly expressed frustration over expanding sanctions and export restrictions, given Russia’s heavy reliance on natural resource sales to fund its economy.
The financial stress is no longer limited to companies. Regional governments are increasingly reporting budget shortfalls and difficulties meeting salary and payment obligations. Some regions have acknowledged effective insolvency, highlighting how war related spending has diverted resources away from local infrastructure, public services and economic development.
Analysts note that the public criticism of central bank policy is widely understood as indirect criticism of the Russian dictator Vladimir Putin, under whose authority economic decisions are ultimately made. Russian commentators have observed a shift in tone among military bloggers and business aligned media, moving from optimism to open pessimism about the country’s economic future.
While the Kremlin continues to project stability, the growing willingness of influential figures to speak openly suggests rising anxiety within elite circles. For many who once viewed the war as a route to profit and influence, it is now seen as a source of financial risk and long term decline, with forecasts of further bankruptcies in the coming year.
The developments are an indicator of mounting internal economic pressures as the conflict continues, raising questions about how long Russia’s economy and regional administrations can sustain current policies under sanctions, inflation and prolonged military expenditure.
