⚡НАЛОГ НА ИНВЕСТИЦИИ 22%! Фондовый рынок в России - ВСЁ!

Analysis of the Russian stock market collapse and new 22% investment tax amid economic stagnation and rising military spending.

Key Takeaways

Military and security spending dominates the budget, crowding out productive economic investment.
High interest rates and lack of foreign funding severely constrain the Russian economy.
New tax proposals could increase the tax burden on investment income to 22%, reducing market attractiveness.
Economic indicators show rising corporate losses and defaults, reflecting a struggling economy.
The investment market faces bleak prospects without significant policy or geopolitical changes.

What the video covers

The video discusses the severe decline of the Russian stock market and the broader investment environment.
A key issue is the rising military-industrial complex budget, consuming 42% of consolidated expenditures by 2027, doubling since 2021.
Economic stagnation is driven by unproductive government spending and high servicing costs of national debt amid closed foreign markets.
The key interest rate has risen to 21%, increasing borrowing costs and limiting funding for civilian industries.
The Ministry of Finance proposes consolidating passive income taxes with personal income tax, raising rates up to 22% on investment income.
The National Wealth Fund’s liquid reserves are nearly depleted, limiting fiscal stimulus and economic growth.
Corporate profits are falling, losses rising, and defaults increasing, signaling deteriorating business conditions.
Foreign investment is unlikely to return soon due to sanctions and geopolitical risks.
The video warns of worsening economic conditions and tax burdens on investors, potentially leading to the 'death' of the investment market.
The presenter invites viewers to share their opinions and engage with the topic.

Chapters

What is the main reason for the economic stagnation in Russia according to the video?

The video identifies the disproportionate allocation of the budget to the military-industrial complex, consuming 42% of expenditures, as the main cause of economic stagnation, crowding out productive investment.

How will the proposed tax reform affect investors in Russia?

The proposed reform aims to consolidate passive income with the main personal income tax base, potentially increasing the tax rate on investment income up to 22%, which could reduce the attractiveness of the investment market.

Why is foreign investment unlikely to return to Russia soon?

Due to ongoing sanctions, geopolitical risks, and a challenging economic environment, the video suggests that foreign investors are unlikely to resume investing in Russia in the near future.

Full Transcript — Download SRT & Markdown

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Friends, welcome to the Invest channel. Quality content on investment topics. In today's video, we will explore the topic of the death of the Russian stock market, the death of investments as a financial institution in general, and everything related to it. I will

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provide specific statistics, specific numbers, and specific analytics. I will try to talk about all of this as briefly and concisely as possible, without losing the essence and the reasoning behind my position. As always, please subscribe, like, and leave a

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comment. Today's video has no sponsor, so your support is very important. Give it a like and write a comment.

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Accordingly, please watch this video to the end to help promote quality content on investment topics. I’ve taken on another part-time job in addition to the one I started this summer, so there’s less content, but I will still try to share interesting news and

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topics with you on the channel as they arise. While the technical possibility still exists, given all the blocks, slowdowns, and so on. In general, we are living in difficult times, which actually makes it all the more fun to

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talk about. A small spoiler, let's put it that way. I have been running this investment channel since September 2021. I’ve been into investing since 2017, and crowdlending since 2019. And in all this time, in all these years, I

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have never seen such low expectations, such a bleak outlook, and such uncertainty in the Russian investment market. That is, in my opinion, from my subjective point of view, my personal assessments, and my personal actions, it has never been this bad, murky, and

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unclear what the future holds. So, that’s a little teaser for you. And now, let's get to the essence of the main video. So, we’ve had the elections, which we, of course, believe in. The results are, naturally, what they are. And right after the elections

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ended, utility tariffs began to rise, prices in grocery stores went up, and the Ministry of Finance introduced some fascinating initiatives against the backdrop of the 2027 budget. Meaning, that’s it, the elections are over, there's no need to create any illusions

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or make any efforts anymore. You just grab a citizen by the face, like this, and the milking begins—everywhere, in every direction. No one can hide from the fiscal hand, so to speak. To avoid going far, let’s look at the budget.

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So, the statistics. The budget picture—first, the key factor in the budget picture. I'm afraid of being wrong.

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Well, to be safe, I’ll even underestimate this figure. 42% of the consolidated budget expenditures in 2027 will be spent on the so-called "power bloc," yes, that is, the military-industrial complex, the army, the Russian National Guard, the Federal Penitentiary Service, and so on and so

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forth. That is, on a segment of the economy, if one can put it that way, a budget segment that is occupied with unproductive consumption, a kind of unproductive production, meaning it consumes resources but yields no actual economic benefit. This is about twice

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as much as it was in 2021. In 2021—correct me in the comments, I’m afraid of making a mistake—around 21% of the entire budget was spent on this power bloc, and not just on the defense complex. Now it’s 42%, that is, a

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twofold increase; almost every second ruble goes to guns and armored personnel carriers, yes, instead of butter, MRI machines, or products for the civilian sector. And that, strictly speaking, is the key problem. And, in fact, if we summarize the whole video,

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this is the core issue: the reason why there is no economic growth or development, why there is stagnation and cooling of the economy, is a consequence of these very actions being taken. Yes, if we look at the numbers.

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Federal budget expenditures are 48.7 trillion rubles. The consolidated budget deficit is 2.6% of GDP. A very important factor, too. The fact is that you can have 120% of GDP in debt, like France, for instance, or those legendary infographics about the US,

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yes, with their massive national debt; it’s possible to have a huge national debt. The question is the servicing of this national debt. It’s pocket change for national debt servicing, yes, precisely in the US, and it’s also pocket change for servicing in France,

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for example, despite their high leverage. But our fundamental problem is that a very large share of the budget will go toward servicing the national debt, yes, to servicing OFZs.

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Since the key rate is high, there is nowhere to get funding: foreign markets are closed, no one from the outside will invest a penny in Russia; there is only internal emission, these schemes with Repo deals with commercial quasi-state banks, which buy OFZs and

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then refinance themselves through the Central Bank. A kind of hidden emission is taking place. Plus, again, shaking down money from the taxpayers, right?

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That is, for every little thing, excise taxes, recycling fees, contributions, and, accordingly, tax increases. That is what the following discussion will be about, strictly speaking. Even though this summer the authorities said, "There will be no tax hikes, nothing

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at all," to be fair, I should note here that these are currently only proposals from the Ministry of Finance, voiced in October of this year, regarding tax increases and general tax reforms.

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Let’s put it this way. With a benchmark of, say, 50 dollars per barrel of oil. Accordingly, the treasury is emptying, my lord, everything—the National Wealth Fund is exhausted, well, its liquid part anyway; we’re not counting the portion of the fund invested in, say,

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VK or Russian Railways stocks, but there are truly no reserves left, right? Meaning, while in 2022 or 2023 there was a powerful budget stimulus and things were growing and developing more or less, now the money is running out

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everywhere. One of the reasons, or rather consequences, of the events that occurred in 2022 is the gradual—well, not even gradual, but over time, by 2024—hike of the key interest rate to prohibitive levels (21%), which means an increase in the cost of money in the

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economy. Because there was a redistribution toward priority sectors, the military-industrial complex first and foremost, right? That is, the military-industrial complex absorbed all human resources, whether they were resources involved in production or involved directly in military actions, so to speak, and this caused a shortage

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of labor, among other things. Civilian industries lacked the ability to compete with the military-industrial complex. To attract loans, for example, if some state institution in a priority sector can borrow at 4% or 6% due to subsidized lending. They can actually

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receive subsidies and absorb resources into themselves. But a regular factory cannot boast of such things; they have to, or had to, take out loans at 30%.

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Again, they cannot compete with salaries. Because of this, we have a chicken shortage, a decline in production volumes, and they are becoming more and more expensive on the shelves. In general, it's a big, extensive, and deep topic that I have

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previously discussed on my channel. I won’t dwell on this once again. You can watch my previous videos. But here we are entering a situation where economic expectations are not very good, and the budget will be challenging, again, according to the people in power.

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Specific proposals regarding tax reforms. I will read them out to you separately here from my notes. So, first, the most high-profile, let's say, proposal from the Ministry of Finance is the consolidation of passive income with the main personal income tax base.

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That is, while the progressive tax scale for income—the stuff you pay personal income tax on, essentially wages—was indeed increased from 13% to 22%, it did not previously apply to passive income taxes. For dividends, there was a range of, I believe, 13 to

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15% depending on how much you received, but for bonds and other areas, these taxable bases were not aggregated. So you had 13% on salary, 13% on dividends, or 15% if you r

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of this be combined. Yes, the Ministry of Finance proposes including dividends , bank deposit interest, securities transactions, digital rights, property sales, and everything else in the main tax base. Right? So all of this will be aggregated together. The purpose of the

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change is to apply the progressive scale to the sum of these incomes, rather than viewing them under separate tax regimes. If you earned a salary of 100,000, received 50,000 in deposit interest, and, let's say, 100,000 in dividends for the month, you would fall

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under this scale and pay, for example, 22%tax on your passive income, which was not the case before. Now, it will all be consolidated into a single taxable base. An important nuance: this is currently just a proposal, nothing has been adopted, but it's likely not

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far off—perhaps in a modified format —because the treasury is running low, my lord. There is nowhere else to get money, so they have to milk their own population. There it is. Also, a tax is proposed on passive income for

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closed-ended and interval mutual funds. It is proposed to require closed-ended and interval funds intended for qualified investors to pay income tax on certain passive earnings: dividends, interest, royalties, and rental payments. While previously one could somehow optimize this—meaning you

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only paid taxes upon realizing income within these funds—now, personal income tax will be withheld at the entry point of the fund. This proposal is especially significant for the real estate investment fund market. Yield funds and structural collective investments. There is a nuance, however

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: the Ministry of Finance suggests accounting for the tax already paid by the fund when taxing the unit holder.

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Therefore, you cannot automatically claim that every investor will lose 15% of their return; there are nuances and hidden pitfalls, but now, as I understand it, if any cash flow is received upon entering this fund, tax will be withheld. Next, an increase in

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the profit tax for personal funds from 15%to 22%. It concerns personal funds as a legal structure. Well, for the " fat cats," in short, yes, they’re already shaking money out of the big shots. Not just from us, the regular

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buck-toothed peasants. The Ministry of Finance also proposes granting banks the authority of tax agents for personal income tax, so that you don't have to pay separately at the end of the year—like those "letters of joy" arriving now in the fall—but rather

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that banks exchange information and also withhold and determine the tax rate in the process. There are also specific changes for professional market participants. That is, all your existing investments will now be aggregated into a separate, so to speak

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, taxable base. And around this taxable base, depending on the established limits, there will be a new tax rate of up to 22%. Wonderful, friends. We are increasing the attractiveness, strictly speaking, of the investment market and the stock market as a whole. Why is the

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Ministry of Finance taking these steps? I outlined this above, having described the current budget situation. At the same time, the stock market itself, let me remind you, is not doing very well.

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So, if we look directly at the sectors, the MOEX index is down 1%since the beginning of the year, as of October 8th. Yes, indeed, there was some growth in the MOEX index, triggered by news that the US, in its own interest to

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influence diesel prices, lifted certain sanctions on diesel supplies from Russia. Despite the fact that there is a gasoline shortage in Russia, there seem to be no problems with diesel. And indeed, some growth did occur. How much , maybe 4 or 3%, but that is just a

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local jump against the backdrop of this colossal mess that is happening. So, -1 %for the sector, individual sectors: the development sector -37%, metals and mining -33%, consumer sector -30%. And just today, while preparing for this video, I found the freshest infographic

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on industries and losses. Metallurgy for January-July was -269 billion, -247 for finance and insurance, by the way —again, not the banking sector, the banking sector is doing just fine. So, coal mining -178. And here is the statistics presented to you. That is,

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very large, colossal losses for specific businesses. So, businesses are facing problems, losses, and an inability to generate high profits. As a result, the quotes—the values and prices of stocks—are correcting accordingly, meaning they are declining . We also have separate statistics here

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specifically for Russian company issuers. So, for January to July of 2026, excluding small businesses, credit institutions, government agencies, and non-credit financial organizations—that is, for medium and large businesses—the consolidated profit was 13, well, 13 trillion rubles . That's down 15.7%from last year. The

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total volume of losses is up 25% compared to last year, reaching 6.58 trillion. Again, this is excluding small businesses; if we include small businesses and micro-enterprises, which account for about 25,000–28,000 companies, in the food service sector alone, more companies close each month

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than open. That's also a separate statistic. Only 66%of organizations are profitable, while 21,000 are loss-making. Once again, this refers to medium and large businesses, and there is a 25%increase in losses. Accordingly , against this backdrop, why would the

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stock market grow? Of course, some individual companies are doing well. German Oskovich is probably very happy; Sber is looking at 1.7 trillion, I believe, in net profit for this year, or perhaps that was the result from last year. So, that is the situation.

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Against this backdrop, investors see all of this and are reallocating their investments. As for stocks, again, looking at the statistics for September 2026, the inflows by investment category into the stock market—into securities—show something like 6 billion in stocks and 250–260 billion

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rubles in bonds. So, yes, 260 billion in bonds, 6 billion in stocks, and, well, maybe 12 or 14 billion in mutual funds; the statistics look something like that. Everyone sees perfectly well what is happening with the high key

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interest rate. Why invest in stocks, businesses, or companies when the prospects are unclear and foggy, while with bonds you can lock in good coupons —from which they will then take up to 22%in taxes later? There you go. And

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mutual funds, as a separate category, also include funds for those same bonds . Are bonds a good tool, a cool tool?

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It would seem so, yes—your key rate plus 5%or 6%, good yields. The Central Bank also showed that by the end of 2025, there were fantastic yields on A and AA-rated bonds. But is that really the case? It is good. But guys, the

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bond issuers are the very same companies that are also traded on the stock market. So, if stocks are falling for objective reasons, then high yields on bonds cannot just simply appear out of nowhere. Where from again? Yes, if I

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showed you the statistics that losses, losses, and business problems— naturally, bonds are a good instrument, but not, let's say, a gold mine. Since the figures for defaults and technical defaults on corporate bonds for the year 2025 were less than 254 cases for

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the whole year, but by September of '26 , there were 507 cases of technical and actual defaults. And it's not just some Uncle Vasya's shawarma shop defaulting, but major companies, major issuers.

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Samolet is also in a very dire state. There was a technical default, essentially for a day, there were problems, and now it might be under temporary management. In short, the prospects are very hazy. Large companies can no longer handle debt

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servicing at sky-high interest rates against the backdrop of falling consumer—or rather, purchasing power, falling consumption, and falling real incomes, yes. Accordingly, actual defaults are 470, technical are 77, and the volume of unfulfilled obligations for actual defaults is 11 billion

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rubles. And this figure, unfortunately, will most likely continue to grow. Therefore, even bonds cannot act as such a reliable defensive instrument here, because the turmoil is widespread across the entire Russian stock market for these stated reasons. That is, yes,

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conducting the special military operation has brought on a huge number of sanctions, meaning problems with imports, problems with components necessary for production—industrial production again—and problems with attracting foreign capital, making it difficult to get loans. Problems with a shortage of cheap, qualified, low-paid

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labor, as there's a kind of meme about it, since so many people are now involved in the military-industrial complex. Plus, the outflow of the population. Many people left Russia, many moved their capital abroad, accordingly, not seeing rosy prospects,

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let's say, within the stock market. I also left the stock market in March 2025. I’m not just talking nonsense on the internet—well, I am talking on the internet, naturally, like we all do , but nonetheless, I back up my words

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with actions. Yes, my portfolio in the stock market, which was part of my investor reports, I talked about it as well. If you look at the history, please, rewind to March 2025. Here, please, these are all the sell-offs.

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Starting from March 24th, please, sale of assets, withdrawal of all assets from other main portfolios. Same thing on March 25th. Here you go, sale of assets, withdrawals, well, and all these portfolios. Accordingly, it will look similar, because at that time I

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didn’t really see any bright prospects, let's say, in terms of investing in the Russian stock market.

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Overall, I probably didn't miss out, if you look at the statistics. So, at the end of March 2025, well, here we are in March, somewhere at these levels, 35% higher than now, I exited the Russian stock market, I don’t regret anything

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, I poured everything into concrete and I feel great here. So, this is what it shows. This is general statistics here.

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Also the Ministry of Finance's expectations, so to speak, regarding the budget. Politics greatly influences the Central Bank's policy. Naturally, it openly declares this. Again, according to representatives of the Bank of Russia, the Bank of Russia linked the parameters of the new budget

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to the possibility of further easing monetary policy. This was in the spring and in the summer, right? That is, they were lowering, lowering, lowering it.

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And then, again, the strikes on critical infrastructure, the inflationary factor, since the rise in the cost of gasoline, again, and fuel, uh, again, the Ministry of Finance is revising its policy. Right now, yes, a budget was proposed there that will

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clearly be pro-inflationary, again, the growth of, uh, the military-industrial complex, again, funding for the military-industrial complex, again, unproductive consumption. The Central Bank will pay attention to all of this.

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And the rate, most likely, in my view —I hope I’m wrong—well, will also be around 14%for the entire following year, yes, so there's no reason to expect 7-6%. If there are factors that could influence a reduction in the key

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rate, it’s the end of the special military operation, again budget revisions, but then again, one needs to replenish inventories, and other things . A high proportion of the budget will be spent on servicing the national debt . Well, in general, honestly, nothing

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good is expected. The lifting of sanctions, naturally, yes, if there were to be an inflow of capital. I also highly doubt that foreign companies will be rushing with open arms to invest in Russia again. I think that won't happen either, because there are

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still institutional, let's say, problems. I didn't include the statistics for this video, but I’ve previously released a video on the channel about the statistics of—uh— seizing businesses from disloyal oligarchs, who, yes, use cheap labor for their own economic interests and

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move capital abroad, and the redistribution of such disloyal oligarchs’ large companies and businesses to loyal oligarchs, who also use cheap labor for their own profit and move capital abroad. Again, there’s the story of RusHydro, or rather not RusHydro, but RusAgro, right

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? Then the Bashkir Soda Company, Domodedovo, and so on, and so on. Now they want to put EuroTrans in jail, or rather, hold them accountable for stealing fuel and lubricants from the Interior Ministry, or something like that. In short, these are institutional

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problems: the lack of institutions to protect private property, the redistribution of the market—take it from these guys, give it to those, then redistribute it back and forth, business as usual. Salam Alaikum. This is inside Russia, yes. It’s an

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important warning signal for Russian investors, and for any foreign investors, well, I don’t think they’ll bring a single cent. Nobody else will bring money under the current economic and political formations, and that will also be a negative factor.

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Therefore, the high key interest rate will most likely remain, unfortunately or fortunately, objectively, due to the objective conditions, as a result of which businesses won’t get cheap funding, and consequently, won't be able to earn money, so losses will grow

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. Defaults will rise, and the planned cooling will accelerate, and everything will go according to plan, as in that well-known song. So, if we are to draw some conclusions, 2026, and the previous year 2025 as well, but 2026 to

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a greater extent, is certainly the year of re-evaluating the Russian investment market. The MOEX index has fallen, and investors have started to look at things differently. Again, in the spring, we had all these exciting blocks, restrictions, slowdowns, blacklists, and so on, which also

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negatively affect the lives of citizens and the efficiency of businesses. The state is revising the rules of the game for public capital on the fly. Today it's one thing—fiscal policy won't change, new taxes won't be increased— and then the elections end, and away we

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go, up to 22%in certain sectors, yes. So. Moreover, there is nothing inherently wrong with a progressive taxation scale if it is all spent in a productive way. I am willing, whether I earn a lot or a little, it doesn't

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matter. I pay taxes, and my taxes are used to buy things like MRI machines, I go for check-ups, I feel great thanks to my taxes, and the municipal budget uses them to build roads, well, basically, for development and other

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things. My children will go to free clubs, everything in that vein. But we all understand what these funds will actually be used for, right? Instead of producing, I don't know, 500 new tractors that would plow fields more efficiently to lower the cost of grain,

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to lower the cost of flour, to make bread cheaper, they will produce 50 armored personnel carriers that will turn into scrap metal in a very short time and won't improve productivity or the lives of ordinary citizens.

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Actually, this is objectively, from a scientific point of view, the labor theory of value and everything associated with it. So, while a progressive taxation scale is good in itself, it matters whose interests it is being used for. Furthermore,

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institutional structures are losing some of their tax advantages. Again, it used to be more profitable to invest through mutual funds, now it's less so; if they introduced taxes on bank deposits, fine, I'll invest in dividend aristocrats, for example. But no, all

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of this will now be in one taxable base . And in general, the attractiveness of such an investment format will fall even further. And more capital will probably move abroad, to those wonderful private funds in Dubai or somewhere, where the tax is, I don't

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know, maybe 1 to 3%. In short, capital will flow out, or if it stays in Russia , it will go into the gray zone. Well, I won't go into details about that, but I think you can figure out for

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yourselves where it all might leak to. The corporate sector is experiencing colossal problems. Combined profits for organizations from January to July fell by 15%. Total losses increased by a quarter compared to last year. Stocks are losing their appeal. Bonds do not

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guarantee safety, because, well, there are defaults. Again, the main risk is the accumulation of these factors. Weak profitability for part of the business, high cost of financing, high fiscal burden, and everything is just folding.

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Yes, they say to get more milk from a cow, you need to feed it less and milk it more. But, unfortunately, that just doesn't work. The question is, will businesses be able to adapt to all this by 2027? It’s a very big, good, and

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debatable question. Once again, I invite you to take part in the discussion in the comments section under this video. To summarize the reasons for the decline in the stock market's attractiveness: the high cost of money is a consequence of the

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special military operation, and I explained how these are interconnected at the beginning of the video. The labor shortage, again, is due to the special military operation, which I also mentioned at the start. Rising costs and technological constraints— so-called sanctions—which, as I noted

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above, lead to a slowdown in demand caused by high credit costs. This suppresses consumer purchases and investment demand, leading to a drop in investment in the Russian economy; CAPEX and other indicators are at record lows due to this economic

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cooling, along with the tax and regulatory burden: taxes, mandatory payments, excise duties, disposal fees, and so on. Again, taxes are needed to replenish the budget, which is in deficit for the reasons I have already outlined above. Accordingly, the

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potential solutions to these problems have also run like a golden thread through this video. I think you will answer that yourselves in the comments.

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So, what should we, as ordinary investors, do? Well, as I indicated and showed above, I exited the stock market in 2025. I do have a small amount here that I put in to have some incentive for long-term investing, taking

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advantage of the Type 3 account tax breaks and concessions. Plus, this account is exclusively for bonds, bond funds, and so on. I haven't added to it for a long time, by the way, since I see more priority areas, so to speak.

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Right now, it seems to me that— excluding options like moving all your money abroad to offshore accounts, relocating yourself, or hunting for Israeli roots—If we exclude that scenario, I think that within Russia, real estate and real assets will be of

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interest: buying cars to rent out, or buying a batch of Chinese electric scooters to rent to couriers. That is, any kind of real asset that can be rented out. The same goes for secondary market apartments, and especially garages and parking spaces. Even the

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Moscow Exchange, as we discussed earlier, generated several billion rubles in profit and revenue, partly by renting out parking spaces. Which seems odd, given it's a fintech company. But again, we return to the statistics.

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Here is the chart for finance and insurance; yes, financial technologies are at a loss, so even the Moscow Exchange had to work in some real sector. These are the areas: buying land, renting it out, commercial real estate, but very selectively—only

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street retail, only prime locations, and so on. That is what we can think about. Everything related to securities and financial assets must be viewed very carefully and closely, looking for gold nuggets—stable businesses that are involved in a stable segment of the

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economy, that can generate profit, and that can refinance or find new funding if necessary, and so on. Meaning, you have to work in this direction very carefully and selectively. And, of course, look for a second or third job

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or side hustle, which is exactly what I am doing and what I have implemented.

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Accordingly, friends, this is how the video turns out. Investment, as an institution, has seen interest in this market decline. Looking at the media space, even on my own channel, I see that the topic is becoming less and less interesting compared to the prime

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years of '23 and, partly, '24. The math is becoming less and less interesting, and people are becoming less and less well-off. Well, at any rate, from what I see around me. Therefore, the "death" of the investment market—it is still

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alive, of course, this is a bit of clickbait—but its attractiveness and competitive advantages are clearly becoming smaller and smaller compared to alternative ways to allocate your capital. In my view, this is not an individual investment recommendation. I only have two years of primary school

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education there. I’m my mother's little fool, I have a certificate to prove it, so there is no need for " Comrade Major" and others to come asking me questions. We, purely from the standpoint of the scientific labor theory of value and so on, have

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provided an overview of the current situation and the objective factors influencing it. I’ll add my two cents , there are some arguments that GDP will grow by one percent or half a percent, but GDP is just you digging a

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hole, producing a product, filling the hole, and producing a product. You could produce 20 billion shovels, for example; that is also a contribution to the GDP, the total gross domestic product. I mean, someone cut down a birch in the forest, someone stripped

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the bark in the forest, and these people were paid money. You have actually produced 20 billion shovels.

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They are just lying in warehouses gathering dust. That is a produced product, right? The fact that it is unimplemented, or that nobody needs it, or that, again, it is not a very useful thing in the civilian segment. As of

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right now, that is a different question . That is why statistics are such a thing; you can always provide whatever numbers you need and cherry-pick. You can accuse me of cherry-picking, but I, in turn, can also cherry-pick when

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people tell fascinating stories about how the Russian economy is moving, developing, moving forward, and will grow by half a percent of GDP due to the production of other metal products, and so on and so forth. But I have

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already talked about this on the channel before. Anyway, friends, I look forward to your expert opinion. I say that unironically. I am truly interested in what makes the channel's audience tick, what your considerations are, what your thoughts are, what

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investment tools you work with, where you place your capital, and what your expectations are. It is important for me to know this, firstly, as a citizen of the Russian Federation, yes, what other citizens of the Russian Federation are doing, and also as, eh,

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a media molecule, yes, accordingly, what you are interested in and what to talk about in the future. Thank you very much for watching. Subscribe to this channel. Subscribe to the Telegram channel to stay up to date with events,

Speaker A

announcements, and news. Thank you very much for watching. See you in the next videos, friends.

Topics:Russian stock marketinvestment taxmilitary spendingeconomic stagnationbudget deficitnational debtinterest ratestax reforminvestment marketsanctions impact

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