The Russian economy has come to function almost exclusively through bank debt, shows a large analysis of the banking system published yesterday by the daily Kommersant, given that the Kremlin ordered that 40% of the state budget be directed to financing the war in Ukraine. According to official data published by the Central Bank of Russia, the total volume of corporate loans reached, at the end of 2024, a record level of 87.8 trillion rubles, the equivalent of approximately 890 billion euros (