(MOSCOW, RUSSIA) – Three quarters of Russia’s largest corporations have reported catastrophic losses of income, with the country’s second largest oil producer Lukoil recording a historic debt of one trillion roubles (approximately 10.1 billion US dollars) in 2025, marking its first annual loss in three decades of operations. The financial disclosures paint a bleak picture of an economy being systematically hollowed out by the Kremlin’s war priorities. The Russian federal budget now directs one in every three roubles towards the military campaign against Ukraine, a fiscal imbalance that has left flagship enterprises and the regions dependent upon them facing what…