More than 50 Russian companies could default on their bonds this year, the most since 2009, a rating-agency analyst told Russian newspaper Izvestia, which reported it on 6 October.

Russia's wartime economy is straining under high interest rates, and the budget is too: the 2026 deficit has nearly doubled from the earlier forecast to a record $88 billion, with more deficits planned for the next three years as Moscow raises taxes to fund the war and plans its biggest defense budget since the full-scale invasion began.

A default is a situation in which a company cannot make promised interest payments to investors on time or repay borrowed money. If a payment is not made by the agreed deadline, the company becomes delinquent, which under certain conditions is recognized as a default.

So far this year, 20 companies have defaulted for the first time, compared with 24 in all of 2025, said Mikhail Nikonov of the Expert RA rating agency. Most of the companies that missed payments are small issuers of high-yield bonds, Izvestia reported.

In 2026, Russian companies have missed payments totaling 41 billion rubles (about $490 million), compared with 34 billion rubles (about $410 million) the previous year, according to investment bank Sinara.

Russia faces a new wave of corporate defaults

By the end of 2026, the number of Russian companies unable to service their ruble-denominated debt on time could reach 40–50, the highest level since 2010, said Pavel Zholobov, junior managing director at the NRA rating agency.

The number of bond defaults in 2026 has already reached its highest level in a decade, Zholobov said. Similar figures were recorded in the mid-2010s: in 2014, 35 companies missed payments; in 2015, 52 did so; and in 2016, there were 44 issuers. This occurred in part after Western sanctions were imposed on Russia over its annexation of Crimea and its war in Donbas, as well as amid a halving of oil prices and a sharp weakening of the ruble.

There were more defaults only in 2009. At the time, amid the fallout from the global financial crisis, more than 100 issuers faced payment problems, while the volume of distressed debt reached nearly 200 billion rubles, Zholobov noted.

High interest rates put pressure on companies

This time, the main reason for companies' difficulties in making bond payments has been the prolonged period of high interest rates, which has continued since 2023. Companies are raising financing at high interest rates but are unable to refinance their debt on more favorable terms, explained Ekaterina Sidorova, head of the Foreign Exchange, Commodities and Debt Markets Department at SberCIB Investment Research.

At the same time, the situation does not yet resemble a systemic debt crisis: defaults are primarily being recorded among companies with low credit ratings and high debt burdens, Sidorova said.

If a company fails to repay bond debt, it is given 10 business days to meet its obligations. If it fails to do so, the company may offer investors a restructuring—for example, by postponing payments in exchange for a higher interest rate.

The number of defaults will remain high in 2027, Sidorova believes.

High interest rates were a response to accelerating inflation in Russia. Domestic demand was outpacing production, Russia's Central Bank said in October 2023. Sanctions over the war and rising defense spending had also hit the economy and the ruble, which had lost about 25% against the dollar that year. The bank raised its key rate from 7.5% in the first half of 2023 to 15% by the fall.

Ukraine targets Russia's oil industry to weaken its war economy

Ukraine is also seeking to weaken Russia's economy as part of efforts to reduce its ability to finance the war. In particular, Defense Minister Yevhenii Khmara said strikes on oil refineries are aimed at "bleeding the Russian war machine" and destroying its military and economic potential. According to the ministry, the attacks have knocked out more than 51% of Russia's oil refining capacity.

In the first half of July, Russian oil refineries processed about 3.9 million barrels of oil per day—the lowest level since March 2005. Due to the production cuts, Moscow was also forced to restrict fuel exports.

German radar maker Hensoldt has signed a memorandum with Ukraine's Defense Ministry for more large-scale radar deliveries, the company said on 5 October. Ukrainian defense outlet Defense Express reads it as a step toward fitting Hensoldt's TRML-4D, already in Ukrainian service, into FREYJA, a planned shield against ballistic missiles.

Ballistic missiles remain the hardest threat in Russia's air war. After Russia's overnight barrage on 7 October, Ukrainian President Volodymyr Zelenskyy said Ukraine is still searching daily for Patriot missiles. The only other system Ukraine can use against them is the Franco-Italian SAMP/T, which fires Aster 30 interceptors made in small numbers. That gap is why Fire Point is reworking its FP-7 missile into a Patriot-like interceptor. Such an interceptor still needs radars to find its target first.

A memorandum signed during Merz's visit

Hensoldt CEO Oliver Dörre signed the document on the sidelines of German Chancellor Friedrich Merz's visit to Ukraine. Beyond deliveries, it covers further development of radar capabilities. The partners will also study options to deploy and jointly operate TRL-4D LR long-range radars. Hensoldt said this expands cooperation already agreed on in ballistic missile defense.

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The TRL-4D LR is the land-based version of a long-range radar Hensoldt also builds for the German Navy, German outlet Sicherheit & Verteidigung reported. The outlet cited Germany's defense procurement office as giving the naval version a range of more than 400 km (250 miles) against air targets. That, it concluded, puts the range well beyond the TRML-4D's.

"The Ukrainian air defence forces urgently need our high-performance radars to help protect infrastructure such as bridges," Dörre said.

Defense Express, describing the same memorandum, tied both the mass deliveries and the joint-operation plan to the TRML-4D. Hensoldt's release names no model for the deliveries and links joint operation to the TRL-4D LR.

Eyes for FREYJA

Hensoldt and Fire Point signed a memorandum on FREYJA at the Eurosatory arms show in Paris in June, with the TRML-4D to play a key role, Hensoldt announced. Fire Point is set to act as prime contractor and hold design authority. Hensoldt is to produce, test, and deliver the radars.

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Defense Express expects any study of deployment options to focus on how well the radar detects ballistic missiles and relays that data. Hensoldt has its own unit in Ukraine to work closely with operators, the outlet noted. Earlier, the company began setting up a local hub so Ukraine can service and repair the TRML-4D itself.

Already on duty

Ukraine's military uses the TRML-4D both standalone and as the built-in radar of the IRIS-T SLM medium-range air defense system, Defense Express noted. Hensoldt lists an instrumented range of 250 km (155 miles) at altitudes up to 30 km (19 miles). Defense Express, citing the manufacturer, gives track ranges of more than 120 km (75 miles) for fighter jets and more than 60 km (37 miles) for supersonic missiles.

More radars give earlier warning of ballistic strikes, but they cannot stop them. Until the FP-7.X makes its first ballistic intercept, planned for mid-2027, that job stays with Patriot and SAMP/T missiles. Partners delivered three times fewer air defense missiles in the first half of 2026 than a year earlier, Zelenskyy said on 5 August.

NATO's Military Committee, the Alliance's highest military body, visited Kyiv on 6 October to reaffirm support for Ukraine, its chair, Admiral Giuseppe Cavo Dragone, said. It was the committee's first official visit to Ukraine's capital in eight years. The officers came to hear how Ukraine is fighting Russia and to draw lessons for NATO's own defense, and Dragone used the visit to warn Moscow.

Russia's war no longer stays inside Ukraine: its drones, saboteurs, and pressure campaigns increasingly reach NATO members. That turns Ukraine, the only European army facing Russia in combat, from a country the Alliance helps into one it learns from.

All 32 allies at the table

Dragone brought the military representatives of all 32 member states to hear the latest battlefield assessment directly from Ukraine's commander-in-chief, Mykhailo Drapatyi, and his staff. They also came to learn what more NATO can do to support Ukraine, he said in an address recorded in Kyiv.

"After eight years, the NATO Military Committee comes back to Kyiv for an official visit. But while we were not physically present here, Ukraine is in our thoughts, in our discussions, in our decisions and following action every single day," Dragone said.

The visit fulfilled a promise he made to Drapatyi during their last conversation in August, the admiral said. It also follows a June visit to Kyiv by the North Atlantic Council, NATO's main political decision-making body. "We are here in full strength with a clear message. The bond between NATO and Ukraine is stronger and stronger," he said.

Lessons from Ukraine's commanders

The talks with Drapatyi focused on Ukraine's military priorities and lessons learned to strengthen Allied preparedness for current and future threats, Dragone wrote on X. The delegation also paid respects at the Wall of Remembrance of the Fallen for Ukraine in Kyiv.

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In his address, Dragone said Ukraine's courageous and resilient spirit remains unbreakable and serves as an example to other nations.

"An example that combines with all the lessons we can learn from your commanders, from their experience, which will ultimately help our Alliance too to better face today's and tomorrow's threats," he said.

To Russia: "You are failing"

Dragone also addressed Russia directly. NATO stands unwavering with Ukraine in the face of Russia's continued aggression and its reckless hybrid activities in member countries, he said.

"To those who think that by perpetrating acts of sabotage, cyberattacks, and violation of the airspace in national NATO territory they will undermine this support and our resolve, I will respond: You are failing. NATO support for Ukraine continues to grow, and our unity is stronger than ever."

Russia bears full responsibility for such dangerous and unacceptable behavior, and allies will keep sharpening their tools and strengthening deterrence and defense, the admiral added.

Drapatyi became Ukraine's commander-in-chief in July, when President Volodymyr Zelenskyy replaced Oleksandr Syrskyi after a week of political turmoil.

Kyiv under fire, Russian troops pushed back near Lyman

The day after the visit, Russia struck Kyiv and 12 oblasts with about 70 missiles. In recent weeks, Russian attacks have cratered the capital's bridges and hit a school, a café, and warehouses, as well as a maternity hospital. Ukrainian troops also retook ground near Lyman in the Vivaldi counteroffensive.

Ukraine's state railway, Ukrzaliznytsia, has added 18 Kyiv City Express shuttle runs between Vydubychi and Darnytsia for 5–9 October, while the government has begun preparatory work on temporary crossings over the Dnipro River after Russian strikes disrupted bridge traffic. Minister for Restoration, Infrastructure and Transport Mykola Kalashnyk outlined the backup plan in an interview with Suspilne on 3 October.

About 600,000 vehicles cross the Dnipro in Kyiv each day, making the river crossings critical to movement across the capital, Kalashnyk said. Russia's attacks on the Southern and Northern bridges have disrupted traffic, with the Southern Bridge fully closed to cars and metro on 2 October and restrictions introduced on other crossings. The risk of further damage is heightened by Russia's upgraded jet-powered Geran-4, which now carries a specialized warhead designed to cut through bridge structures and power-line supports, according to presidential adviser Serhii Beskrestnov.

Jams, restrictions, and extra trains

On 6 October, large traffic jams formed between Kyiv's left and right banks, with the heaviest queues on approaches to the Southern Bridge, Obozrevatel reported. The jams followed Russian strikes that cratered the Northern Bridge.

Green-line metro trains resumed carrying passengers between the banks during the yellow threat level on 4 October, Radio Svoboda reported. Under the current restrictions, traffic on the Southern and Podilskyi bridges is stopped in certain directions for at most the first 15 minutes after an air alert begins.

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The additional Kyiv City Express shuttles run during the busiest hours, 06:00–09:00 and 16:00–21:00. Together with scheduled suburban and regional trains, they bring the number of peak-hour runs between the banks to up to six, Ukrzaliznytsia said.

Pontoons first, tunnel later

Kalashnyk said the government plans to build several backup crossings over the Dnipro. The sites have already been chosen, and he named a combination of earth embankments and pontoon crossings as measures that can be built quickly. He said construction could take up to three months and that the backup crossings should provide at least 50% of the capacity of the existing bridges. The government is also considering quick-build concrete structures and, in the longer term, a tunnel under the Dnipro, he told Suspilne.

Volodymyr Kreidenko, deputy head of the parliamentary committee on transport and infrastructure and an MP from the Servant of the People party, proposed reversible traffic across the bridges: "in the morning from the left bank to the right, in the evening from the right to the left." He also suggested hubs near the bridges where people could take a bicycle or e-scooter, and passenger ferry crossings, Radio Svoboda reported.

Andrii Koretskyi, an associate professor in the department of bridges, tunnels and hydraulic structures at the National Transport University, cautioned that temporary crossings cannot substitute for a permanent bridge.

"The only alternative to a bridge is a bridge as a permanent structure," he told Radio Svoboda.

He said a tunnel under the Dnipro is technically possible but "not a quick solution at all." He pointed to the scale involved: where the Irpin River requires spanning a few dozen or, in places, a few hundred meters, the Dnipro within Kyiv is "roughly 400 to 1,500 meters" wide.

Natalia is 25 years old and from Odesa. She has served in two armies—the Israeli and Ukrainian militaries. In the Armed Forces of Ukraine, she has, among other things, carried out missions as part of a UAV, FPV drone, and strike-wing crew on the Zaporizhzhia and Kupiansk fronts, NV reported on 5 October.

During the Russo-Ukrainian war, women in Ukraine have the right to voluntarily enlist in the military. As of March, more than 75,000 women were serving in the armed forces, more than 55,000 of them as service members, the commander-in-chief said, and their number has been growing every year. Recently, discussion around the mandatory mobilization of women has intensified. Keith Kellogg, former US Special Presidential Envoy for Ukraine under President Donald Trump, said that he considered mobilizing women in Ukraine appropriate. In response, Iryna Vereshchuk, Deputy Head of the Office of the President of Ukraine, said she would rather see more missiles and more will from the United States than advice to mobilize women.

In Israel, Natalia served in a search-and-rescue brigade as a rescue soldier and in the engineering corps during a deployment along the northern border.

Natalia was born in Russia’s Saint Petersburg but does not remember her life there

The young woman was born in St. Petersburg, where her family lived at the time. When she was a year and a half old, her mother returned to Odesa with her and her older son. Natalia says she remembers her life exclusively in Ukraine.

She spent the first nearly two years studying at Lviv University, but later decided to leave the university and look for other educational opportunities. Natalia studied, among other places, in Denmark through a scholarship program. After completing it, she planned to enroll at a European university to study sound engineering, but the coronavirus pandemic began at that time.

She moved to Israel under a program for Jewish youth at the end of 2020. After the program ended, due to quarantine restrictions and closed airports, Natalia faced a choice: obtain a work visa or acquire citizenship under the Law of Return. She chose the latter—and with it, she also became obligated to perform military service.

In May 2022, Natalia joined the Israeli military and chose a combat unit.

“When the war started in Israel itself, I still had six months of mandatory service left. I was discharged and immediately transferred to reserve service. Once I managed to resolve all the bureaucratic issues so that this would not be considered desertion, I returned to Ukraine,” the young woman says.

Natalia returned to Ukraine in March 2025, and in August signed a contract with the Armed Forces of Ukraine.

“The army—both Israeli and Ukrainian—gives you a deeper understanding of what society is made of”

Among the advantages of the Ukrainian army, she highlights its ability to quickly adapt to circumstances. In particular, she mentions the use of drones, OSINT, and solving complex technological tasks with minimal resources.

“The West could learn from this situational agility. They often spend huge budgets on developments that should be cheap and mass-produced,” the veteran says.

However, such Ukrainian ingenuity is largely a consequence of a lack of funding, Natalia notes.

In the Israeli military, Natalia highlights society’s readiness for the constant threat of war and more systematic planning of military service.

“There, preparation for and perception of the army begin at school: by the age of 14–15, teenagers already understand where they want to go, what skills they need, and undergo selection for special or intelligence units,” the young woman says.

She then gives the opposite example of the situation in Ukraine.

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“In Ukraine, with very rare exceptions, people hide until they are mobilized, and suddenly face the reality of conscription without having any understanding of the system,” the veteran says.

Asked how adapted the Ukrainian army is to women, she answered: “In no way,” adding that the Israeli army is “also largely not fully adapted.”

In Ukraine, this is reflected, in particular, in the provision of clothing and equipment that often does not correspond to women’s sizes and physiology. She says she had to purchase her own anatomically fitted body armor. She cited the example of veteran Natalia Lishchyshyna, who had her breasts amputated due to prolonged wearing of body armor that was not adapted to the female anatomy.

In Israel, by contrast, there is a practice of reimbursing expenses for equipment that service members purchase at their own expense.

Serving in the military in both countries provides an opportunity to better understand what society is actually made of, the young woman says.

“The army—both Israeli and Ukrainian—gives you a deeper understanding of what society is made of. You encounter people you would never have crossed paths with in your civilian bubble because of differences in views or socioeconomic circumstances,” Natalia says.

She believes this makes it easier to accept mistakes, difficulties, and new challenges.

The Ukrainian army is not adapted to women in any way, Natalia says

In Natalia’s view, the problem is not only the living and working conditions but, above all, the lack of mechanisms necessary for the systematic mandatory mobilization of women. At the same time, she believes voluntary recruitment should be encouraged and expanded.

One of the problems is the lack of a legal procedure for temporary childcare in cases when both parents are simultaneously carrying out combat missions, Natalia says, stressing that she means the period of their service, rather than situations involving the death of one of the parents.

Another shortcoming is insufficient protection against sexual violence and harassment in the Ukrainian military.

“Here, any complaint goes through the direct chain of command. If the commander is not interested in resolving the problem or is involved in it themselves, the woman is left defenseless,” the veteran says.

In Israel, by contrast, there is a separate hotline and mechanisms for documenting such cases without directly approaching a commander.

Women in combat positions can also still be taken insufficiently seriously, denied participation in combat missions, or transferred to staff positions without their consent.

Natalia also emphasizes the lack of systematic military training for civilian women “at any level” and gives school education as an example.

“Even with the weak level of the school curriculum for the subject ‘Defense of Ukraine,’ boys had at least some basic knowledge. Girls were not involved in it at all,” the veteran says.

For now, Natalia believes that women’s military service should remain voluntary, as society as a whole is still not ready to fully accept women in the military.