Intelligence officials stated that the oligarchs have lost confidence in the Russian economy
Russia’s wealthiest individuals are increasingly moving their capital out of Russia and investing in cryptocurrency, overseas real estate, and private investment funds.
Ukraine’s Foreign Intelligence Service views this as a sign of a loss of confidence in the prospects of the Russian economy.
According to intelligence reports, the Russian stock market has been falling for the 19th consecutive week. Since early April, it has lost about 30% of its market capitalization, returning to 2016 levels.
Shares of Gazprom, VTB, Norilsk Nickel, Aeroflot, and MTS have fallen the most, while the value of shares in the gold mining company Polyus has dropped by more than 50% in two weeks.
The Foreign Intelligence Service of Ukraine also noted that the Russian Ministry of Finance has canceled government bond offerings three times in the past month due to unfavorable terms, indicating difficulties in raising funds.
Source: Foreign Intelligence Service of Ukraine.
In Russia, there is a trend toward staff reductions in various sectors, particularly in IT, healthcare, logistics, manufacturing, retail, consulting, and other business services.
The Russian Ministry of Finance forecasts a sharp increase in regional budget deficits to $21 billion.
