The author of the Resurgam Telegram channel discussed the issue.The warning signs are everywhere. For the first time since tax increases were implemented in October, non-oil and gas revenues have declined by 5%, compounding the damage from a 27% drop in oil and gas revenues. A source working for the Kremlin told the investigative outlet Vazhnye Istorii that the country is experiencing "a systemic struggle for any resources, because there are clearly far fewer of them now." The insider added that the political system is gradually reaching a state where there are no rules whatsoever—"it doesn't matter whether they're good or bad. Everyone has realized that on one hand, there are no boundaries, you can do whatever you want, but on the other hand, no one is protected, and no amount of proper behavior or proper connections guarantees anything. To anyone. Absolutely no one."This breakdown isn't happening in a vacuum. A cascade of economic failures across multiple sectors is now threatening federal budget revenues and exposing the fragility of Russia's wartime economy.In November alone, the retail clothing giant Modis—which operates over 120 stores—announced plans to file for insolvency after facing 17 lawsuits from suppliers over unpaid debts totaling more than 700 million rubles. Management attributed the crisis to a 33% collapse in revenue this year.State energy behemoth Gazprom is reportedly selling off a petrochemical complex in Bashkiria for up to 270 billion rubles. An executive close to the company revealed that the sale is driven by an urgent need to cover current losses.The real estate sector is also in freefall. In November, 19% of developers postponed project completions by more than six months and were classified as troubled. Investment in real estate plummeted 44% in the first half of 2025, while banks have dramatically tightened lending standards—rejecting over half of all mortgage applications in June.The transportation industry is hemorrhaging companies. The industry association AvtoGruzEks reported that approximately 6,700 freight carriers are currently in liquidation or bankruptcy proceedings. The founder of Leader Trans, a logistics company, stated: "We haven't seen a situation like this in 17 years. The volume of equipment being repossessed from leasing has been breaking records and has been increasing by 20% every month since June 2025."Perhaps most alarming is the coal industry's collapse. According to the Financial Times, 23 coal companies have already shut down this year, with another 53 on the verge of bankruptcy out of roughly 200 active firms. The sector recorded losses of 225 billion rubles in just the first seven months of 2025—double the losses for all of 2024. This represents a stunning reversal from 2023, when the industry posted nearly 375 billion rubles in profit. One Kremlin-connected businessman commented bluntly: "The war is bad for most of our businesses, if not all of them. But the coal sector is in truly deep shit."Corporate debt has become a systemic threat extending far beyond the defense sector. In October 2025, overdue corporate debt surged to $37 billion—the highest level in the decade that statistics have been tracked. Total corporate loans now exceed $984 billion, up 10% from last year. Of the 714,000 legal entities with loans, one in four—some 171,000 companies—are already behind on payments. The reason is clear: record debt burdens are forcing businesses to spend over 36% of pre-tax profits just servicing their loans.The share of unprofitable companies in Russia reached 30.4% in the first half of 2025, the highest level since 2020, when the pandemic paralyzed the economy and pushed 35% of enterprises into the red. Official statistics show that in the first half of the year, approximately 43,000 organizations reported profits totaling 18.4 trillion rubles, while nearly 19,000 companies declared losses exceeding 5 trillion rubles. Analysts note that 30% unprofitability represents a level of systemic crisis affecting entire economic sectors.The Kremlin is desperately trying to conceal the scale of corporate payment problems that could trigger public backlash. Authorities are avoiding the term "bankruptcy" altogether and instead forcing banks to manually restructure debts in ways that circumvent Central Bank criteria and requirements—a clear sign that the government fears the political consequences of acknowledging the true depth of Russia's economic distress.As of November 20, the Russian economy is entering a phase of rapid growth in corporate defaults, which could cause mass bankruptcies and significant pressure on regional budgets, according to Ukraine's Foreign Intelligence Service.