Russia in September 2026: the most important developments in economy
Russia's economy in September 2026 was shaped by the takeover of Western company assets, new US and EU sanctions decisions, and the effects of Ukrainian strikes on its energy industry.
On September 17 and 18 President Vladimir Putin placed the Russian subsidiaries of Nestle and Auchan under temporary state administration, with Leroy Merlin assets also covered; the company L.E.V. Management was chosen to oversee them. Kremlin spokesman Dmitry Peskov said the step concerned only external management of the assets, and Nestle said it was weighing all options. On September 28 Putin placed the Russian assets of the German retailer Metro under temporary state management and approved the sale of Western Union's Russian unit to SoftEks. On September 17 he also extended Russia's food embargo, in place since 2014, to the end of 2028.
Sanctions moved on several fronts. On September 19 US President Donald Trump signed a Russia sanctions law that allows tariffs of up to 100 percent on countries buying Russian oil, with India and China named as possible targets and an exception for US uranium imports. The Kremlin said the law threatens efforts toward a settlement in Ukraine. India's imports of Russian oil declined during the month. The EU renewed its Russia sanctions for three years in late September while dropping the billionaires Alisher Usmanov and Mikhail Fridman from the list, after France asked for Usmanov's removal; Latvia and Ukraine opposed the move, and Lithuania imposed national sanctions on the two men. On September 29 reports said Trump was weighing easing sanctions in return for the release of political prisoners, which Russia rejected.
Energy was the third theme. Drone strikes damaged roughly half of Russia's largest diesel refineries, according to industry reports, and refineries in Syzran, Saratov, Novoshakhtinsk and Perm were reported offline at various points. Russia extended its diesel export ban until the end of October and restricted publication of fuel and energy data. Oil revenue fell to a six-month low early in the month, while export earnings were reported at a four-year high on September 30. Vostok Oil began Arctic loadings, Russia suspended gas supplies to Armenia for 11 days, and the government approved a three-year budget draft with higher taxes to fund the war and planned cuts to welfare and education in 2027. Russia and North Korea opened their first road bridge on September 8.
by WorldBrief & Maksim Micheliov | AI-generated summary
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