Russian officials are warning President Vladimir Putin that a financial crisis could hit this summer as oil revenue plummets and the war in Ukraine strains the economy. Sources cited by the *Washington Post* note a 50% drop in oil revenue in January compared to last year, coupled with a widening budget deficit. A Moscow business executive warned the crisis could arrive in "three or four months" amid spiraling inflation, with restaurants closing and layoffs mounting.

The economic strain stems from Russia’s invasion of Ukraine four years ago, which triggered sanctions and forced the central bank to maintain high interest rates, exacerbating consumer spending declines. Companies face high rates and weaker consumption, leading to unpaid loans and potential financial sector collapse. A Russian official warned a *banking crisis* or *nonpayments crisis* is possible, urging caution against escalating the war.