Russia concealing deep economic crisis, Zelenskyy reveals intelligence data
Photo: Volodymyr Zelenskyy, President of Ukraine (Getty Images)
Ukrainian intelligence has obtained internal Russian documents indicating serious problems in the Russian economy, Ukrainian President Volodymyr Zelenskyy said.
According to Zelenskyy, the documents reflect the Russian authorities’ own internal assessment, which Moscow is trying to conceal from both the international community and its own population.
Russia is shutting down oil wells
Zelenskyy said one of the key signs of the worsening situation is the reduction in the number of active oil wells.
According to him, one Russian oil company alone has already been forced to shut down around 400 wells.
"Given the specifics of Russian oil production, these are significant losses, as restarting wells in Russia is far more difficult than in other oil-producing countries," Zelenskyy explained.
Intelligence data also shows that oil refining in Russia has dropped by at least 10% in just a few months of this year.
"We see that our Ukrainian long-range sanctions are truly effective, and we will continue to scale up this line of our active actions," the President emphasized.
Problems in Russia’s banking system
Zelenskyy also drew attention to the situation in Russia’s financial sector.
He said 11 Russian banks are already preparing for full liquidation due to critical problems, while another eight financial institutions are facing difficulties that cannot be resolved without outside support.
In addition, Zelenskyy said Russia is facing a significant federal budget deficit.
"This year’s federal budget deficit figures also look encouraging for us, standing at almost $80 billion by the fifth month of this year, alongside the bankruptcy of a significant number of Russian regional budgets," he added.
Ukraine to share new intelligence with partners
The President also said he instructed Foreign Intelligence Service chief Oleh Luhovskyi to share part of the obtained information with international partners in a format that would not compromise intelligence sources.
In particular, Ukraine has documented Russian attempts to involve foreign companies in circumventing sanctions and stabilizing the country’s economic situation.
According to Zelenskyy, this includes efforts to organize grain exports from occupied Crimea, as well as other forms of economic exploitation of the peninsula involving entities from the United States.
"We are also recording attempts to bring investment and technology from democratic countries into Russia’s Arctic oil and gas projects. We know how to counter this. Thank you to everyone who helps us. Thank you to all our Ukrainian intelligence officers," the President said.
The Kremlin is deliberately distorting economic statistics. According to RBC-Ukraine, official figures do not reflect the real state of the Russian economy, making it harder to assess the true impact of sanctions and the war.
At the same time, global oil prices have surged amid escalating tensions between the United States and Iran. This has allowed Russia to boost energy export revenues to their highest level since the start of the full-scale war against Ukraine.
However, analysts at Bloomberg believe even high oil prices will not be enough to save the Russian economy from slowing down. According to the agency’s estimates, Russia’s GDP may have contracted in the first quarter of 2026, while high borrowing costs, investment problems, and the economy’s growing focus on military spending continue to deepen the crisis.
