A quarter of the loans that sit on the books of Russian banks could end up being non-performing this year, as the weak ruble and low oil price continue to take their toll. That’s according to a report by ratings agency Standard & Poor’s, which paints a dismal picture for Russian banks. Non-performing loans are debt overdue for […]
Standard & Poor 's predicts Russian banks will be hit hard this year , with a quarter of the loans on banks ' books becoming non - performing due to the weak ruble and low oil prices . S&P has given 31 of the 37 Russian banks a negative rating , which may lead to their credit rating being downgraded . While previously the Kremlin has stepped in to help banks , with the government now looking leaner , it is considered doubtful it will extend a helping hand this time . This latest news comes as Russia says it is having to slash funding for its space programme by 30 % to cut in state spending in the face of a deepening economic crisis ; space exploration is a subject of national pride in Russia , rooted in the Cold War " space race " with the US , however , coupled with expensive projects such the military involvement in Afghanistan and the upcoming 2018 football World Cup , state support for the Russian space agency , Roscosmos , has fallen .