Part 3/9:
Following the invasion of Ukraine in February 2022, the Russian government enacted a law requiring banks to provide preferential loans to war-related businesses. This has resulted in a staggering 50% increase in corporate lending, reaching approximately $45 billion—about 20% of Russia's GDP—which surpasses both military and hydrocarbon revenues. The majority of the new loans, over 70%, have been funneled into arms manufacturing and metallurgy sectors, demonstrating a clear prioritization of wartime industries.