Part 2/9:
This narrative can be traced back to a Substack post titled "Russia's Hidden War Debt" published on January 11. The post posits that the Kremlin has compelled major Russian banks to extend loans to the defense sector at significantly lower-than-market rates, estimating the total subsidies at between $210 to $250 billion. Essentially, it suggests that the Kremlin has shifted a substantial portion of the financial burden of the war from the federal budget to private banks, raising questions about the war’s sustainability.