Source: Foreign Policy
by Agathe Demarais
“Pity Russian savers. In June, the Russian Finance Ministry announced its support for draft legislation to transfer nearly $40 billion in private pension savings into government coffers. Later that month, Russian Communist Party leader Gennady Zyuganov encouraged President Vladimir Putin to make the most of the almost $1.8 trillion that Russian firms and individuals hold in bank accounts to support state finances. According to Zyuganov’s calculations, ‘that is three state budgets … sitting there and enriching bankers.’ Pondering whether the Russian economy will collapse is in fashion these days—but that may be the wrong question to ask. The better question is which sources of politically affordable money the Kremlin can still tap to finance military expenses while maintaining social stability.” (07/27/26)