The resources that had enabled the Russian economy to grow for two years under conditions of war and sanctions have been exhausted, – Governor of the Bank of Russia Elvira Nabiullina.
"We have experienced relatively high growth over the past two years because we were able to tap into unused resources and labor. The reserves have largely been used up, and many companies are now facing a labor shortage... Additionally, we had financial resources accumulated in the National Wealth Fund, which have been directed toward investment. We had capital reserves in the banking system, which served as a foundation for accelerated lending. But many of these resources have indeed been depleted," Nabiullina said at the St. Petersburg International Economic Forum.
Capacity utilization at enterprises has exceeded 80%, according to Rosstat — setting a record in modern history. The National Wealth Fund’s liquid assets have decreased threefold since the start of the war, down to 2.8 trillion rubles (~$35.6 billion). Experts at RANEPA have warned that this reserve could be fully depleted by 2026.
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