Evgen Istrebin πŸ‡ΊπŸ‡¦ Profile picture
Apr 13, 2025 β€’ 7 tweets β€’ 3 min read β€’ Read on X
The Ru economy has begun to collapse. Thread.
Federal budget revenue growth has been slowing for 5 quarters in a row and in Q1 25 it was only +3.7%. Look at the chart, the last 5 quarters the revenue growth rate was +54%_+25%_+25%_+11%_+4%
1/ Image
If we look at the rate of income growth on a monthly basis, we will see that the situation is even worse.
Over the past 15 months, the growth rate has fallen from +77% to 0%
The situation became especially catastrophic in Q1 25:
Jan 25: +11%
Feb 25: +2%
Mar 25: +0%
2/ Image
Now let's look at the structure. About 1/3 of revenues are oil, 2/3 are non-oil.
Oil revenues grew by 60-90% at the beginning of 2024, in Feb-Mar25 they fell by 20% due to the fall in oil prices, and this does not even take into account the fall in the last week.
3/ Image
Non-oil revenues started 2024 at +85%, but since the second half of the year the growth rate has slowed from +37% to +10%. Ru killed the non-military sector of the economy. Labor shortages, expensive loans and cuts in support programs have brought down the civilian sector.
4/
Increased military spending and a lack of revenues led to a sharp increase in government debt, which resulted in rising inflation and higher costs of servicing government debt.
Cost of servicing government debt increased by 44% in 1Q25
5/ Image
Slower revenue growth and higher debt servicing costs mean that 8% of revenues must be spent on debt servicing. Taking into account the costs of mortgage programs and subsidies for preferential loans for businesses, the share of expenses that must be spent on
6/ Image
service, will be 13% of income.

And then the moment will come when Ru, in conditions of falling income, will not be able to service its debt obligations.
DEFAULT - REVOLUTION - COLLAPSE OF THE REGIME.
The end.
7/ Image

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More from @evgen1232007

Jan 19
Russian Federation budget execution data for December has been released.

Revenue: +8%
Of which:
- Oil and gas: -43%
- Non-oil and gas: +33%
Expenses: -20%
Deficit: (-1,369 billion rubles) Last December, there was a deficit (-3,095 billion rubles)
1/ Image
The most astonishing thing is that budget expenditures fell by 20% in December!!!!
This will lead to a significant slowdown in the entire economy!
2/ Image
Budget revenues in December grew by 8% year-on-year.
I suspect they added some non-tax funds (fines, seizures, etc.) to the budget.
3/ Image
Read 7 tweets
Dec 20, 2025
Kuzbass. A massive crisis in the region.
I've collected all the data, and it's very bad for them.
1. The coal industry's workforce was cut by 8,500 (-8.8% y/y)
2. Nominal wage growth since the beginning of the year has fallen from +13% to +4%, while in real terms it's (-4%)
1/ Image
3. Utility rates increased by 21% over the year, with heating and hot water rates increasing by 24% year-on-year.
4. Wage arrears began to grow.
In three months, they grew from zero to 225 million rubles. The arrears are owed to 2,800 employees.
2/
It's a classic crisis!
Layoffs + falling wages + increasing wage arrears + rising utility rates!

Here's all the data in tables. ALL DATA IS OFFICIAL!
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Read 4 tweets
Dec 18, 2025
Crisis in Russia

The first official data on staff reductions and wage declines has emerged. So far, this only covers the Kuzbass coal industry.

Read this thread
1/
Here are official figures from the Kuzbass Ministry of Coal Industry.
Amid a decline in coal production for the second year running, layoffs began in March.
By November, more than 8,600 employees, or one in every 11, had been laid off!
2/
But the situation didn't stop with layoffs alone. In August, wages began to be cut for those who remained employed. As a result, cumulative wage growth for the first two months was +13%, but by August, it had only increased by +4%. This means that wages actually fell in August
3/ Image
Image
Read 5 tweets
Dec 16, 2025
Important information!
Consumer spending in Russia has begun to decline in real terms.
In December, spending fell by 0.9% year-on-year.
Short thread
1/3 Image
2/3
The largest decline was in spending on food and cafes, bars, and restaurants.
Note that the graph shows the dynamics in nominal terms. This means that in real terms, spending is 7% lower due to inflation. Image
3/3
The decline in all segments of consumer spending began in earnest in the summer.
Just at this time, information began to emerge about the transition to a four-day workweek at factories and enterprises.
THIS IS A RECESSION !!! Image
Read 4 tweets
Dec 9, 2025
Today, the results of Russia's federal budget execution for November were released. Thread.

Revenue: -0% y/y
Expenses: -12% y/y

A 12% drop in expenses is a sensation!
1/ Image
Revenues for November did not increase.
In just 11 months, federal budget revenues grew by a mere 0.7%.
Russia has entered a recession!
2/ Image
The budget deficit in November was small, only 86 billion, but this was caused by a 12% year-on-year reduction in expenditure.
3/ Image
Read 7 tweets
Nov 11, 2025
Sensation
Russia's federal budget revenues plummeted 12% year-on-year in October!
Thread

Federal budget revenues in October - 2986 billion rubles (-12%)
1/ Image
Revenue in October: RUB 2,986 billion (-12%)
Of which:
- Oil and gas revenue: RUB 889 billion (-27%)
- Non-oil and gas revenue: RUB 2,096 billion (-4%)
2/ Image
Expenditures: RUB 3,388 billion (-12%)

3/ Image
Read 7 tweets

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