(KYIV) – Ukraine’s campaign against Russian logistics facilities appears to be targeting the foundations of the country’s financial system, according to a warning from one of Russia’s wealthiest oligarchs.
Oleg Deripaska has warned that the potential bankruptcy of Wildberries, Russia’s largest online retailer, could destroy the country’s banking sector. The company carries at least $17.8 billion (£13.7 billion) in debt and is deeply intertwined with Russia’s financial system.
Wildberries alone is reported to hold 1.3 trillion rubles ($17.8 billion/£13.7 billion) in debt. The Russian Central Bank warned in June that the combined debt of Russia’s five largest technology companies rose 53% in 2025 to reach 2 trillion rubles ($27.3 billion/£21 billion), potentially threatening financial stability.
“If you owe a bank a million, that is your problem. But if you owe a billion, that is the bank’s problem,” Deripaska said. “Wildberries does not owe just one billion. It owes billions.”
Ukraine has destroyed approximately 20% of Wildberries’ logistics facilities in recent months, according to reports. The company operates a network of warehouses across Russia that serve as the backbone of its e-commerce operations.
The Russian Central Bank’s Financial Stability Review from June 2026 noted that corporate debt levels at major technology firms were outpacing asset growth, which rose 48% last year to 4.6 trillion rubles ($62.8 billion/£48.3 billion).
Meanwhile, Russian dictator Vladimir Putin has begun selling off the nation’s diamond reserves after previously liquidating substantial portions of gold reserves to finance the war effort. The Russian Ministry of Finance announced an auction for rough diamonds weighing 10.8 carats or more from the State Fund, scheduled for September 9 in Moscow. Individual stones are expected to fetch between $200,000 (£154,000) and $600,000 (£462,000).
Russia’s Navy Day celebrations descended into embarrassment when Putin appeared on a film set backlot with a printed photograph of a submarine rather than attending a traditional naval display in St Petersburg. The official video was later removed from government websites after social media users mocked the staged event.
During a visit to an aircraft factory in Irkutsk, roadside fuel prices were reportedly lowered to unrealistic levels along the route of Putin’s motorcade. Locals noted prices had dropped from 95 rubles ($1.30/£1.00) to 68 rubles ($0.93/£0.72) per litre.
The Russian dictator has also attempted to encourage Poland, Hungary and Romania to claim Ukrainian territory, suggesting that lands “belonging” to those countries would “historically be put back into their place”.
The Kremlin is preparing for a new wave of mobilisation following September’s elections, with reports of recruitment squads detaining men on Russian streets. President Volodymyr Zelensky has noted that an additional 30,000 North Korean troops may be deployed to support Russian forces.
Russian-installed authorities in occupied Crimea are abandoning their posts as the humanitarian situation deteriorates, with residents reporting no electricity, water or internet access beyond designated points with generators. One resident appealed to the governor, stating: “There is a complete absence of executive power in the city.”
Iran has threatened missile strikes against Ukraine and Eastern Europe following Ukrainian attacks on Iranian vessels transporting military cargo on the Caspian Sea. The Iranian foreign ministry condemned what it called a “blatant UN charter violation”.
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