European Intelligence Report Warns of Russian Banking Crisis (defence24.com)

• European intelligence report: Russian bank balance sheets artificially inflated, sector near crisis.
• State-subsidized mortgages created housing bubble and hidden debts from defense loans.
• IfW study: Russian economy in final stage, facing collapse; foreign trade at 15-year low.

"A European intelligence report, cited by Frankfurter Allgemeine Zeitung, states that Russian bank balance sheets are artificially inflated and the sector is on the brink of crisis. State-subsidized mortgages have fueled a housing bubble. Hidden debts from preferential loans to defense firms worsen the situation. The Kiel Institute for the World Economy (IfW) assesses that the Russian economy is in its final stage, facing collapse due to declining fuel export revenues and depleted reserves."