Russia’s economy faces a worsening outlook that is graver than publicly acknowledged, with a credible risk of a systemic banking crisis in the next 12 months, according to Russian banking officials.
Russian banks are increasingly concerned about the level of bad debt on their balance sheets, according to the officials and documents seen by Bloomberg News. They have privately raised the alarm about the number of corporate and retail clients who are failing to make loan payments as they struggle with high interest rates, the people said.
