Kathrine Frich
Russia is searching for new ways to sustain its economy.
With sanctions limiting access to external funding and military spending continuing to rise, pressure on domestic resources is increasing.
Now, attention appears to be turning toward ordinary citizens’ savings.
Pension funds targeted
According to the Kyiv Post, cited by Digi24, the Kremlin is preparing a plan to redirect money from Russian pension funds into state-controlled investment programs.
The proposal could affect around 3 trillion rubles (about $37 billion) held by roughly 37 million Russians who have not selected private fund managers.
Under the plan, the funds would be transferred into non-state pension funds and invested in infrastructure and other government-backed projects.
Echoes of the past
The move resembles earlier measures taken after Russia’s annexation of Crimea in 2014.
At the time, authorities froze the funded portion of pensions and redirected contributions to cover current state expenses, a policy initially described as temporary but still in place years later.
Analysts warn the new proposal could further weaken trust in the pension system.
Pressure on elites
At the same time, officials are reportedly increasing financial pressure on businesses and wealthy individuals.
Ukrainian intelligence claims the Kremlin has tightened tax enforcement, introduced advance VAT payments and increased oversight of imports and cash transactions.
Reports also suggest President Vladimir Putin has held meetings with oligarchs, urging them to contribute more to the war effort.
Struggling programs
Efforts to attract voluntary investment have also fallen short.
A long-term savings program launched in 2024 raised about 717 billion rubles ($8.8 billion) from around 10 million participants over two years, far below expectations.
The shortfall has added to the government’s need to find alternative funding sources.
Sources: Kyiv Post, Digi24.
