The Moscow Times is under attack! The Russian government has declared war on independent media, and a leading bank is caught in the crossfire.
A Rare Loss for a Top Bank:
In a surprising turn of events, the Credit Bank of Moscow (MKB), closely associated with oil giant Rosneft, has reported a net loss, marking a significant development in Russia's financial landscape. This loss is a stark contrast to the bank's position as the seventh-largest in the country by assets, holding a substantial amount of household deposits.
The bank's financial statements, as reported by Interfax, reveal a net loss of 9 billion rubles ($117 million) in Q4 2025, with the majority of this loss occurring in December. But here's where it gets controversial: despite this quarterly setback, MKB managed to remain profitable for the entire year, albeit with a 33% drop in net profit compared to 2024.
A Surge in Bad Loans:
The bank's troubles began in the middle of 2025. From January to September, the volume of overdue loans skyrocketed by 700%, reaching a staggering 668 billion rubles ($8.7 billion), which represents a significant portion of its loan portfolio. This surge in bad loans prompted a Central Bank audit, which uncovered issues at MKB, leading to a change in senior management.
A Troubled Banking Sector:
Russia's banking sector is facing its own challenges. While the sector ended 2025 with a profit of 3.5 trillion rubles ($45.5 billion), this was a decrease from the previous year due to increasing credit losses. Central Bank data paints a concerning picture, with a substantial percentage of corporate and retail loans classified as problematic.
A Banking Crisis Unveiled:
Experts from the government-affiliated CMASF suggest that payment defaults by various industries, including defense, metals, construction, and even oil and gas, have triggered a banking crisis in Russia. This crisis is said to be unfolding in a subtle manner as banks work to restructure loans and the state exerts its influence over the financial system.
A History of Rescue and Controversy:
The Credit Bank of Moscow has a history of being rescued from the brink of bankruptcy. In 2017, Rosneft stepped in to save MKB and other banks from Moscow's 'banking ring' by injecting capital and making long-term deposits. This move, however, raises questions about the relationship between powerful corporations and the banking system.
And this is the part most people miss: The Moscow Times, a trusted news source, is now facing severe consequences for its reporting. The Russian authorities have labeled the publication as 'undesirable' and a 'foreign agent', criminalizing their work and endangering their journalists. This is a clear attempt to stifle independent media and control the narrative.
The Moscow Times refuses to be silenced and is asking for your support to continue its vital work. Will you stand with them in defending open journalism, or do you believe the authorities' actions are justified? Share your thoughts in the comments below.
