The Fuse.RUSSIA'S FISCAL BREAKDOWN MONITOR
▲ worst: Are firms paying each other? · 1.91× pre-warSTRESS · 47/100trigger: noSep 7, 2026
STRENGTH RESERVE OF RUSSIA'S WAR FINANCES · SCALE 0–100 · SEP 7, 2026
47of 100

Russia's ability to pay for its war — the «STRESS» zone. Indicators traded places; the total barely moved.

→ three months without meaningful change · a year ago: 51 · a month ago: 47
SHAREXTGFB
down = harder for Russia to pay · Jan 2022 → todayPEACETIME NORMAL80100ELEVATED PRESSURE6080STRESS4060CRISIS2040EMERGENCY FINANCING020
2023202420252026projection from the index's own six-month range2651TODAY · 47full-scale invasionthe 2023 oil-and-print slumpthe 2025 slide20406080100045 · war low, May 202651 · a year ago
2023202420252026projected range2651TODAY · 47204060801000
8 COMPONENTS · WORST FIRST▼ worsening · ▲ easing · → unchanged
Unpaid bills9
Oil & gas14
Reserves28
Regions28
Rail33
Deficit65▼ -1
Money printing86
Inflation96
TRIGGER: NOthe trigger is a separate siren on registered thresholds; the index is a thermometer0 = the trouble line · 100 = the pre-war level · formula

How much longer?

The pace assumed: -0.93 index points a month, averaged over the whole war.

At the pace it has kept since the invasion, the index reaches zero around 2030. The middle 80% of simulated paths land between 2028 and 2033.

chance of reaching zero by
3 years31%
5 years75%
10 years99%

Zero does not mean Russia has stopped paying, and it does not mean every indicator has crossed its own line. Zero is what the eight scores average to. A score is not capped, so one indicator at +50 and another at −50 cancel out and the index reads zero while neither of them sits on its line. What zero says is that the eight together have spent all the distance they had from their trouble lines.

This is the weakest number on the site, and we would rather you knew why. The index has spent its whole life between 46 and 100, so reaching zero is an extrapolation outside everything we have observed. The sample is one war, with overlapping windows. Move the estimate onto only the last two or three years of data and its centre shifts by two years. Our own bands, checked against our own history, come out too wide rather than too narrow — this spread errs toward “we don't know”. how this is computed.

Every indicator, in detail

worst first — each with its number, its registered line and its source
Are firms paying each other?● SHORT OF ITS LINE9/100 vs pre-war
Unpaid invoices stand at 1.91× of the pre-war level, in real terms.
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1.91× of the pre-war level · trouble line — 2×rosstat.gov.ru · data Jun 2026 · full history
Oil money coming in● SHORT OF ITS LINE14/100 vs pre-war
Real oil & gas revenue is at 57% of the pre-war level.
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57% of the pre-war level · trouble line — 50%minfin.gov.ru · data Jul 2026 · full history
Rainy-day fund left● SHORT OF ITS LINE28/100 vs pre-war
Liquid reserves are at 41% of the pre-war level.
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$46.2 bn liquid · the trouble line is $20 bnminfin.gov.ru · data Jul 2026 · full history
Are the regions staying afloat?● SHORT OF ITS LINE28/100 vs pre-war
Regional budgets: −₽1.62 trn over twelve months, against a surplus before the war.
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−₽1.62 trn consolidated regional balance over 12 months · the trouble line is −₽2.5 trnminfin.gov.ru · data Jul 2026 · full history
Stuff moving by rail● SHORT OF ITS LINE33/100 vs pre-war
Rail tonnage is at 87% of the pre-war level.
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87% of the pre-war level · trouble line — 80%rollingstockworld.ru · data Jul 2026 · full history
How fast they burn cash● SHORT OF ITS LINE65/100 vs pre-war
Fast, but below the trouble line.
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3.3% of GDP deficit (12-month) · the trouble line is 10%minfin.gov.ru · data Jul 2026 · full history
How fast they print money● SHORT OF ITS LINE86/100 vs pre-war
Elevated war-normal — the printing-press detector.
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+12.9% vs last year · the trouble line is +30%cbr.ru · data Aug 2026 · full history
Prices in shops● SHORT OF ITS LINE96/100 vs pre-war
High, but not runaway.
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+6.0% vs last year · the trouble line is +40%rosstat.gov.ru · data Jul 2026 · full history

Published in the last seven days

everything we published, newest first
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What Moscow hides

○ missing data is a signal, not a gap

What could change this number

  1. SEP 9, 2026Rosstat's weekly price print — the inflation component of the index moves.
  2. EARLY OCTOBERMonthly finance-ministry report — the reserve fund, oil money, the deficit and regional budgets all update at once.
  3. MID-SEPTEMBERRosstat's monthly economic report — unpaid invoices and rail loading update together.
The Fuse — How long can Russia pay for its war?