Why have half a million Russians gone bankrupt amid Ukraine war?

Half a million Russians declared bankruptcy last year as the country’s banking institutions bear the brunt of the cost of the war in Ukraine, a European intelligence report says this week.

As the war in Ukraine continues into its fourth year, Russia’s Ministry of Economic Development has cut its GDP forecast for 2026 from 1.3 percent to 0.4 percent.

Rising household debt is one of the thin...