Russia’s elite sound the alarm on the economy amid high interest rates Squeezed by Western sanctions and soaring interest rates, Russia’s businesses fear bankruptcies as President Vladimir Putin pushes ahead with the Ukraine war.

majority of our enterprises will go bankrupt."

▪️ #Alexey_Mordashov, who owns #Severstal, warned that "it is more profitable for companies to stop development, even scale down their business and deposit funds "

▪️ Contractors in the #Russian defence industry, according to #Alexandra_Prokopenko,