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.

Russia is likely attempting to force Ukraine to capitulate by spring 2027 through a large-scale campaign of long-range strikes, the Institute for the Study of War (ISW) said in its 27 September report. Russian President Vladimir Putin's new theory of victory relies heavily on the mass use of jet-powered drones and ballistic missiles against Ukraine, the institute assesses.

Russia keeps shifting to faster jet-powered drones that Ukraine's defenses struggle to stop, forcing it to spend scarce missiles on them. Russia's use of jet-powered drones rose eightfold from June to August, with Moscow launching around 7,700 such drones since their initial deployment, Ukrainian Air Force spokesperson Yurii Ihnat said on 23 September. But Putin likely does not expect the campaign to last indefinitely, and he may hold off on a new mobilization until he sees whether the strikes work, ISW assesses.

Putin's modified theory of victory

Putin's modified theory of victory largely depends on Russia's ability to mass-launch cheap jet-powered Gerans that get through Ukrainian defenses often enough, the institute notes.

Even a Kremlin-linked Russian milblogger claimed on 27 September that the Russian strategy, which relies heavily on long-range strikes, is costly and cannot continue indefinitely, not least because Ukraine is hitting Russia harder too, according to the analysis.

At the same time, Putin stated on 25 September that Ukraine "must feel" Russia's "retaliatory" strikes. ISW assesses that this suggests he intends to intensify Russia's strike campaign in winter, as he has in previous winters.

If Putin is counting on Ukraine to break and capitulate this winter, he may be ignoring what the campaign will cost Russia over time, the institute notes. This strategy also counts on Ukraine's shortage of Patriot interceptors against ballistic missiles, and on the country's power grid and other vital systems giving way under months of strikes.

Until that approach runs out, Putin is unlikely to back down on his demands or agree to real ceasefire talks, ISW assesses.

Ukrainian interceptors could disrupt Russia's plan

A Kremlin-linked Russian milblogger claimed on 27 September that Russian forces launched predominantly jet-powered Geran-5 drones at Odesa, Mykolaiv, and Kyiv during the night of 26–27 September. According to the blogger, Russia's diverse arsenal of strike weapons and Ukraine's shortage of air defense assets allow Russian forces to maintain the current pace of strikes and expand the range of targets, ISW writes in its analysis.

At the same time, Ukrainian President Volodymyr Zelenskyy said on 26 September that Ukraine's interception rate for jet-powered Shahed drones currently stands at 55%. Of more than 2,730 such drones Russia had launched in September by then, Ukrainian forces had downed or suppressed more than 1,500, he added.

Ukraine is testing interceptor drone prototypes in combat conditions, Ukrainian Presidential Office head Kyrylo Budanov told Novyny.LIVE on 27 September. The mass deployment of interceptors capable of shooting down jet-powered Gerans could begin within several months, he added. Ukrainian companies have already successfully tested several interceptor drones capable of intercepting Russian jet-powered drones in field conditions, the institute notes.

At the same time, it remains unclear whether Ukraine will be able to scale up its interceptor program quickly enough and achieve sufficient success to disrupt the intensification of Russia's campaign during the winter, ISW notes.

Why Putin may hold off on a new mobilization

Expanding Russia's arsenal of strike weapons is cheaper than carrying out a second mobilization economically, militarily, and socially, a Kremlin-linked Russian milblogger cited by the institute claimed.

Putin may put off large-scale forced mobilization until he sees whether the strikes deliver, ISW assesses, though his officials have been laying the groundwork for it despite Kremlin denials. Still, the need to replace Russia's enormous battlefield losses could push him to order such a mobilization as early as this fall, ISW notes, as Ukrainian and other sources have repeatedly reported he is preparing to do.

Within 24 hours of claiming Ukrainian troops were surrounded near Dobropillia, Russia’s Defense Ministry and pro-war channels expanded the narrative to several supposed encirclements in northern Kharkiv Oblast. Evidence supports none of that, the Institute for the Study of War (ISW) has said.

The claims come as Ukrainian forces make gains in several frontline sectors, according to ISW. Near Dobropillia, Russian bloggers described the ability to fire on supply roads rather than troops surrounding the town. At the same time, Ukrainian forces said they had prevented Russia from physically cutting the routes.

Russia’s Defense Ministry claimed its forces had captured Krasnyi Yar and Potykhonove northeast of Kharkiv. Pro-war bloggers then claimed Russian troops threatened to trap Ukrainian units near Riznykove and had already surrounded others near Rublene. One asserted that roughly 1,500 Ukrainian soldiers were encircled across 460 square kilometers.

ISW found no evidence for those claims. A Ukrainian brigade spokesperson said Russian forces were still shelling settlements they claimed to hold and described positions in the area as heavily intermingled, with no clear front line.

Around Dobropillia, the Kremlin-linked Rybar channel claimed Russian troops were infiltrating toward nearby settlements and making tactical gains south of the town. It did not claim Russian forces had secured those settlements or show an encirclement on its map, ISW noted.

Another Russian blogger said neither side currently had the forces needed to establish and sustain a genuine encirclement.

Russia’s push toward Dobropillia continues

Russia’s Defense Ministry had claimed on 22 September that its troops surrounded Dobropillia, a transport hub on the approach to Ukraine’s fortified cities in Donetsk Oblast.

ISW found no evidence for that claim and linked its timing to the UN General Assembly and Ukraine’s recent battlefield gains. A Ukrainian officer said Russian troops had made no major advances near the town.

Russian assaults continue despite that setback. A Ukrainian staff sergeant reported a sharp increase in the number of small groups trying to reach Dobropillia. On 23 September, Ukraine’s 1st Azov Corps said its forces had prevented Russian troops from physically cutting supply routes toward Dobropillia and Druzhkivka.

Moldova’s Defense Ministry reported four drone incursions, Romania’s Defense Ministry confirmed a drone crash, and Poland’s Operational Command scrambled fighters twice during Russia’s 24 September attack on Ukraine.

The strike wave forced Moldova to close part of its airspace, Romania to warn residents and launch F-16 fighter jets, and Poland to activate aircraft, air defenses, and radar. No casualties were reported in the two confirmed crashes, and Poland detected no incursion during its first deployment. Moldova has recorded dozens of Russian drone incursions this year.

The drones approached from Ukraine’s Vinnytsia, Odesa, and Chernivtsi oblasts, according to Moldova’s Defense Ministry. Authorities temporarily closed part of the country’s northern airspace.

Near Cernița in northern Moldova, one drone struck a tree, fell into a field beside a farm, and exploded, police said. No casualties were reported.

Investigators preliminarily identified the camera-equipped wreckage as a Gerbera, a low-cost Russian drone often used during attacks on Ukraine. Police said it was the first device of that type found in Moldova.

Police also reported a resident’s account of another explosion near Vadul Rașcov, but said they were still investigating the location.

Romanian radar first tracked an aerial target over Ukraine near the border before it entered northern Romania, the Defense Ministry said. Romania launched two F-16s and sent emergency alerts to residents’ phones in the area. The drone remained in Romanian airspace for about four minutes before crashing near Solca, the ministry said. Officials reported no casualties or damage and had not identified the drone’s origin.

Poland’s Operational Command launched fighters twice in response to Russian strikes on western Ukraine. The first Polish deployment ended around 08:00 with no airspace violation detected; the command announced a second at 09:07. It also activated ground-based air defenses and radar.

The incursions came amid a wider assault. Ukraine’s Air Force said Russia launched 282 drones of various types, along with ballistic and other missiles, overnight into 24 September. Ukrainian officials reported detecting four drones over Chernivtsi Oblast, the Ukrainian region bordering Moldova and Romania, and shooting down three.

Moldova’s repeated airspace breaches

The latest incident followed several breaches in August. An unidentified drone exploded near Crocmaz on 9 August. Another object exploded near Talmaza on 17 August after Moldova briefly closed part of its airspace.

President Maia Sandu said Russian drones had entered Moldovan airspace 39 times in 2026, compared with 17 times throughout 2025. Moldova has portable air-defense weapons and electronic warfare equipment, but Sandu said these chiefly protect individual sites. Her government is working with partners to expand air-defense coverage and speed up threat warnings.

After the Russian convoy docked in Tobruk, a column including armored personnel carriers, mine-resistant vehicles, and at least three Tornado-U armored trucks was seen heading west from the port in imagery published by the open-source intelligence project Russia Maritime Watch, as reported by Militarnyi.

The armor delivery comes as Russian forces have lost more than 10,000 armored and protected vehicles in Ukraine since the start of the full-scale invasion, Britain’s defense chief said. Africa Defense Forum reported that Moscow is funding work at six Libyan air bases, some of which support the movement of weapons and personnel toward Sudan and the Sahel. Russia’s Africa Corps already supports military governments in the Sahel, including Mali’s, while a Russian-operated base in Libya has supplied Sudan’s paramilitary Rapid Support Forces.

The cargo ships Anastasiia and Yuriy Arshenevskiy carried the shipment, while the Aleksandr Shabalin, a Russian Navy landing ship capable of transporting vehicles and troops, provided an armed escort, according to Militarnyi.

All three vessels crossed the Mediterranean without broadcasting Automatic Identification System data, the signal normally used to reveal a ship’s position.

This was at least the second Russian military shipment to reach Tobruk under naval escort this year. Both cargo ships are under sanctions and have previously carried military cargo. Satellite imagery showed equipment being loaded onto them in August at Baltiysk, a naval base in Russia’s Baltic exclave of Kaliningrad, Militarnyi reported.

In January 2026, the sanctioned Mys Zhelaniya delivered military cargo to Tobruk under escort by a large Russian anti-submarine warship.

Tobruk lies in eastern Libya, which is controlled by forces loyal to commander Khalifa Haftar. The six bases under development host Russian personnel, air defenses, combat aircraft, and drones.

Maaten al-Sarra, one of the six bases, lies near Libya’s borders with Chad and Sudan and supports Russian operations extending toward Sudan and the Sahel, the belt of countries immediately south of the Sahara.

Russian and Libyan authorities have not said who will receive the latest cargo, so there is no confirmation that the vehicles are intended for the Africa Corps, the Russian Defense Ministry-run force that took over much of Wagner’s former role in Africa.

Africa Defense Forum reported that Moscow pivoted toward Libya after the fall of Bashar al-Assad in December 2024, having previously used Syria as a transit hub. Moving the vehicles under naval escort as Russian forces absorb continuing battlefield losses in Ukraine underscores the importance Moscow appears to place on keeping its African corridor supplied.

How Russia expands its reach across Africa

Libya is one node in Russia’s wider African system. Through the Africa Corps, Moscow supports autocracy-minded military governments and armed groups throughout the continent in exchange for political influence and access to natural resources. Human rights groups and local residents have accused Russian personnel and their partners of killings and other abuses against civilians, including in Mali.

Ukraine’s military intelligence says Kremlin-backed Russian Houses seek to cultivate young Africans with pro-Moscow views. Moscow also invests in education programs and cultural events across the continent to spread a positive image of Russia, its politics, and its culture.

Ukraine’s Foreign Ministry said in August that nearly 500 Africans recruited into Russia’s military had died. Ukrainian drone specialists are also helping forces fighting Russian troops in Mali and operating in Sudan and Libya, CNN reported.

My name is Darina,” says an elfin teen, ponytail pulled through the back of her cap, and “next year I’ll be earning 150,000 rubles (nearly $2,000) a month.” Darina works at what she calls “the world’s largest drone factory,” helping to assemble versions of the Iranian Shahed drone. “My parents are proud of me. Wanna do the same?” She asks as she advertises a polytechnic in Tatarstan. The Russian government, in the face of war and looming demographic disaster, has been relaxing child labor laws since 2022, making it easier to put 14-year-olds to work. Now, legislators are open about the need to reform “outdated” restrictions on employing minors in industries that were “considered dangerous 20 years ago.” Drone production is not the only part of the war effort to which teenagers are being recruited. This month in a “content camp” in Moscow, soldiers and state media propagandists trained 120-plus teens on how to make videos, use AI, and grow their audiences as aspiring influencers. Vladislav Golovin, a former soldier and a leader of Russia’s Young Army Cadets National Movement, said the program had “created a huge team of kids who understand how to broadcast government values.” 

But many young people, subject to year-round conscription, subject to internet shut downs and subject to surveillance, have little desire to spread propaganda. Instead, according to Google Trends data, growing numbers of Russians are seeking information on how to emigrate. A new exodus would accelerate Russia’s deep demographic crisis. Already, up to a million people are thought to have left Russia since the full scale invasion of Ukraine in 2022. According to one recent count, nearly 210,000 Russian soldiers have been killed in the war with Ukraine, with other estimates suggesting over 1.2 million casualties, including 325,000 deaths. And Russian fertility rates are the lowest they have been for 200 years. Anton Kotyakov, the labor minister, has told Vladimir Putin that the country faces a labor shortage of 11 million people by 2030.

So concerning is this crisis that Rosstat, the national statistics agency, has stopped publishing monthly demographic data. State officials and local governors have been told to compete to come up with the most innovative solutions to a seemingly intractable problem. The pressure on Russian officials and the Kremlin is leading to desperate measures, including guidance from the Russian health ministry that women who say they do not want to have children should be referred to a psychologist. Nothing the Russian state has tried has worked, from financial incentives (extended even to schoolgirls under 18) to banning advertising that supposedly promotes “child-free” lifestyles and so-called “LGBTQ propaganda.”   

Alongside “anti-woke” policies disguised as family values, is rising xenophobia and anti-immigrant rhetoric that has led to a marked decline in the number of foreigners living in Russia. The Kremlin’s anti-migrant policies include a new system to monitor migrant workers through biometric registration, location tracking, and intensified police oversight. The Russian parliament is currently debating enhancing the number of offences that can be punished by deportation or substantially increased fines. Much of it is targeted at Russia’s Central Asian migrants who make up an overwhelming majority of immigrant labor. Some Central Asian governments, notably Kyrgyzstan and Tajikistan, have now urged their citizens to think twice about going to Russia for work. 

Russia has been publicizing political stunts such as its “shared values visa” in which applicants from 46, largely developed, nations are given temporary residence permits if they profess to support “traditional Russian values.” The visa, the Kremlin has said, is “Russia’s response to what it perceives as the harmful effects of Western neoliberal policies.” But only a tiny fraction of the immigrants Russia needs will be Westerners who apply for such a visa; instead, Russia has been diversifying its pool of migrant workers by looking further east. Around 72,000 work permits were issued to Indian nationals in 2025, up from just 5,000 in 2021. Russian officials have signaled they are ready to accept “unlimited” numbers of workers from South Asian countries like India, Sri Lanka, and Myanmar.

While the Kremlin is looking to South Asia and Africa to address its immediate need for workers (and soldiers), the ambition in the longer term is to boost Russian birthr rates, despite the signal failure of ongoing attempts. 

In the U.S., there have been several moves borrowed from the Kremlin’s playbook, including the restriction of abortion, the attempt to deny women birth control, and even alarm at the fall in teen pregnancies. But data released this month showed that women in the U.S. gave birth to 710,000 fewer babies in 2025 than they did in 2007, a reflection of two decades of steadily dropping birth rates. Russian demographer Salavat Abylkalikov, at the Leibniz Institute for East and Southeast European Studies in Germany, says “if the birth rate has fallen below the level of simple reproduction, it is almost impossible to raise it back.” Especially when financial incentives cover just a fraction of childcare costs. 

In any case, Abylkalikov says, “in Russia, death is much more profitable than birth: in Nizhny Novgorod Oblast, the government provides around 1,000,000 rubles (about $12,000) for each child, but if one person goes to war and dies, the family receives up to 12 million rubles in total. That's more than $120,000. This is the economy of death.” The evidence, from countries like Russia, Hungary and the U.S., is that appeals to tradition, to religion and to female “responsibility” do not work, when support for families is limited. And while migration is an obvious fix to demographic questions everywhere, it’s politically toxic.

Russia knows it is hurtling towards demographic doom but can do little to halt the momentum. Its policies are riddled with inconsistencies — a strong line in anti-migration rhetoric and bullying, while being forced to import workers and soldiers from Asia and Africa; a patriarchal view of women’s roles, mostly confined to the domestic, while increasingly reliant on women to take the jobs of the men who are fighting and dying in Putin's war; and encouraging more women to give birth, while employing children to build drones. With family values like these, no wonder young Russians are hesitant to procreate.

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Someone recently asked me what mark out of 10 I’d give for the efforts of governments to tackle financial crime. It got me thinking about that one bright spot of recent times — the West’s response to Russia’s full-scale invasion of Ukraine four years ago — and how it is now looking. Back in 2022, a lot of us were pleasantly surprised by the speed and ambition with which Western governments sanctioned the Russian government, state-owned companies and wealthy individuals. While Western pressure did not prevent the war, the asset freezes did impose a real cost on those conducting it. Four years on, however, those sanctions are beginning to look a bit shopsoiled. If they began at 7/10, they’re now scoring a lot lower.

There are reasons for this: Donald Trump does not appear particularly interested in Ukraine; the now former Hungarian prime minister Viktor Orbán has been snarling things up; and so on, as laid out in this analysis from Tom Keatinge. To make things worse, Trump’s latest adventure in Iran has pushed the oil prices sharply higher, earning more money for Russia while also giving Trump cover to lift sanctions, a temporary measure he has recently extended.

Keatinge argues that European countries need to be far more focussed on going after Russia’s payment mechanisms, particularly digital. “The extent to which crypto activity supports Russia’s war effort is clear,” he writes, “yet repeated initiatives to elevate the importance of opening a concerted line of effort on this issue are ignored. This must change.”

I agree, though it won’t be easy, considering the diffuse crypto ecosystem, and the increasing sophistication of Russian involvement in it. As long as Telegram is willing to host markets, the markets will continue to function to some extent whatever Western countries do (see the story of Xinbi, a Chinese-language hub for illicit crypto.) However, it does look like someone somewhere has lost patience with the ease with which Russia is funding itself.

“The sanctioned Russia-linked cryptoasset exchange Grinex announced an immediate suspension of its operations, citing a ‘large-scale cyberattack,’” reports Elliptic. According to the statement, which Kyrgyzstan-registered Grinex posted on Telegram, it lost around $13 million worth of USDT in the hack, blaming the theft on Western intelligence agencies.

“Today the attempts to destabilise our fatherland’s financial sector hit a new level, with the direct theft of the assets of Russian citizens and companies with the involvement of complex cyberattacks,” the statement said. Grinex is the successor to Garantex, which was shut down just over a year ago after years of effort by Western law enforcement. I would be surprised if Western countries had decided to take direct action against Grinex, as the exchange claims they did. Westerners tend to be a bit too legalistic for this kind of smash-and-grab, and I would expect any operation to more closely resemble what worked a year ago, conducted with Tether’s cooperation.

Instead, I suspect this attack is the work of hacktivists, perhaps working for or with the Ukrainians. Whatever the answer, it is embarrassing for the Russians, shows their crypto-security is not impregnable, and has made a noticeable dent in trading volumes of the A7A5 ruble-denominated stablecoin, which has become a key sanctions evasion tool. Three birds with one stone.

The important point is that sanctions were never supposed to be permanent: they are a foreign policy tool, not a law enforcement one. Hundreds of billions of Russian-owned dollars are languishing in various frozen bank accounts, and Western countries need to start thinking about what to do with them. They can confiscate them, investigate them or — if they’re feeling brave — use their potential return as leverage to persuade wealthy Russians to break with the Kremlin. What they shouldn’t do is leave them as they are to gather dust.

Hopefully, now that Orbán is out of the way, European countries will be able to take firmer collective action but they also need to be imaginative, and to start behaving as if they actually want Ukraine to win, rather than just not lose.

A defeat for transparency 

Of course, the United States will have a lot to say about that too, and what it ends up saying about how to tackle the Russian crypto operations will depend on what happens in the midterm elections this year. So, it strikes me as a big deal that crypto firms are once more pouring tens of millions of dollars into campaign vehicles in their quest for, what they euphemistically refer to as, “regulatory clarity.” Among them, of course, is Tether.

If you’re wondering quite how it’s possible to spend that much money on elections, I draw your attention once more to the great Integrity Index, with its records for who’s been spending what. It boggles my mind that, for example, the three Democratic rivals to the Republicans’ Susan Collins for the Maine Senate seat have raised more than $17 million just for the primary. Collins herself has raised over $10.5 million. There really shouldn’t be that much money in politics.

Besides, when it comes to value for money, investing in court cases beats investing in politics every day of the week. I don’t know how much the (ironically) anonymous plaintiffs in the 2022 case against corporate transparency in Luxembourg paid their lawyers, but its effects just seem to keep compounding to the benefit of those who want to hide their wealth from society. 

The European Union’s retreat from revealing the ownership of shell companies has given cover for Britain’s tax havens as they resisted efforts from London to force them to open up their own corporate registries. It looks like those efforts may have finally failed. “We are committed to full transparency, but I don’t think there will be any turning back,” said the British Virgin Islands’ Junior Minister for Financial Services Lorna Smith in comments confirming that the islands are in fact very much not committed to full transparency.

A version of this story was published in this week’s Oligarchy newsletter. Sign up here.

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