The kremlin-Style Statistics: Minuses Turning into Pluses, russians Borrowing at 250% Annual Interest

The 1.8% year-on-year “growth” in the rf’s GDP in March, which the ministry of economic development is cheerfully reporting, isn’t worth the paper it’s printed on. The ministry has quietly “improved” the dismal figures from previous months: the February decline was revised from minus 1.5% to minus 1.1%, the January decline – from minus 2.1% to minus 1.8%. The first-quarter result remained unchanged despite these manipulations – a 0.3% decline year-on-year. The kremlin is simply rewriting the past to make the present look more appealing.

The corporate sector harbors no illusions. The aggregate financial results of russian companies for January–February 2026 fell by 33.1% compared to last year, to 3.35 trillion rubles (~$44.7 billion). Real money is disappearing while the ministry of economic development polishes the figures for reporting.

The kremlin is frankly at a loss as to where to get resources for the economy and has turned its gaze to its own citizens. central bank governor elvira nabiullina has publicly acknowledged that russians’ savings have effectively become the sole source of funding. minister of finance anton siluanov has gone even further – having called on citizens to “take their money out from under their mattresses” and deposit it in banks or invest it in the financial market. As of October 2025, russians held 77.782 trillion rubles in savings (~$1.039 trillion) – one-third of the country’s annual GDP. Of this amount, 64.43 trillion rubles (~$860 billion) are held in ruble accounts and deposits. It is precisely these funds that are attracting the authorities, and the government of the rf is already considering freezing deposits for an indefinite period.

The appetite for other people’s money is not limited to government officials. The national association of healthcare managers of the rf has sent a letter to prime minister mikhail mishustin proposing to cover the funding shortfall in public healthcare using citizens’ pension savings. First “borrow” from pensioners, then from depositors. The logic of a war economy is relentless.

While officials are dividing up other people’s savings, millions of russians are already living in debt. 2025 was a record year for microfinance organizations: citizens borrowed 2.1 trillion rubles (~$28 billion) from them – by 35% more than the previous year. Bank lending became inaccessible to many after a series of key rate hikes, and people turned to places where money is given without unnecessary questions. Half of all microloans in 2025 were issued at rates exceeding 250% per annum. The “growing” economy left millions of russians with nothing.