Russia’s economy is an ‘illusion’ built on debt, and a banking crisis is ready to explode, intel report says, while the Kremlin may seize pensions

Russia's economic stability is under threat as an intelligence report warns that up to 10% of corporate loans and 15% of retail loans could go unpaid, signaling a looming banking crisis. This shaky financial foundation could force the Kremlin to seize pension funds to stabilize the economy, raising alarms about the government's ability to manage its debt. The potential crisis underscores the precarious state of Russia's economy amid its ongoing conflict in Ukraine and highlights the broader implications for global markets and the country's geopolitical standing.