Part 2/10:
A staggering corporate credit surge of 71% was recorded in July 2022, amounting to approximately $415 billion. This increase highlights Russia's decision to funnel extensive funds into its military, relying heavily on loans from Russian banks. To date, the corporate borrowing has well exceeded government borrowing, with a notable $249 billion borrowed by corporations. This debt far surpasses Russia's oil income, presenting an alarming scenario where current military funding levels cannot be sustainably maintained.