Answering the US newspaper, a Russian official said that the country's financial system is facing significant pressure.
The possibility of a bank crisis cannot be ruled out," the Russian official said, expressing his desire for the conflict not to continue to prolong or escalate.
The above assessment was made in the context that the Russian economy is about to enter its 5th year since the outbreak of the Ukraine conflict.
Previously, Moscow surprised when it maintained a certain level of stability despite widespread Western sanctions.
China and India increasing imports of Russian oil at preferential prices has helped Russia preserve important sources of revenue, serving budget and defense spending.
However, the recent picture is less favorable. Global energy prices are falling, while the US and Europe continue to expand and tighten sanctions.
According to published figures, revenue from Russian oil and gas in the first 11 months of the year decreased by about 22% compared to the same period. Some estimates suggest that revenue in December may decrease more sharply if this trend persists.
To compensate for the revenue shortfall, the Russian government has used the State Asset Fund - a financial reserve that has been accumulated for many years. However, the room for this fund is shrinking, forcing authorities to consider other revenue increase solutions, including tax adjustments.
In the monetary sector, the Central Bank of Russia still maintains a high interest rate policy to control inflation in the context of tightened labor markets. Despite certain adjustments, the high interest rate level still affects spending and investment, especially in the consumer sector.
Russian data shows that some businesses are starting to face cash flow difficulties. Late payment wages in October increased sharply compared to the same period last year, reaching more than 27 million USD. In addition, the situation of shortening working hours or rotating leave also appeared in some industries.
In June, Russian banks sounded the alarm about a potential debt crisis as high interest rates weighed heavily on borrowers' ability to repay debts. Also that month, the head of the Russian Union of Industrialists and Entrepreneurs warned that many companies were in a "state of near default".
CEO of Sberbank - Russia's largest bank - Mr. German Gref, in September also said that the economy is in a period of "technical stagnation", after growth slowed down significantly in previous months.
Research organizations in Russia also issued cautious assessments. The Center for Macroeconomic Analysis and Short-Term Forecasting believes that if debt pressure continues to increase and depositors' confidence declines, the banking system may face many challenges in the near future.
According to Dmitry Belousov, head of the center, the Russian economy is facing the risk of falling into a low-growth state accompanied by inflation, requiring more cautious and flexible management measures.
