Russia has been selling large amounts of long-term sovereign bonds, going into debt, at an annualized interest rate in the mid 20%'s (!). While under a looming demographic crisis featuring very large numbers of elderly pensioners being supported per young worker. A non-negligible fraction of those young workers are fleeing the country or dying in Ukraine, which further deepens demographic issues.

This is destabilizing for a variety of reasons. It's a bet on future growth that does not appear evident. It's also effectively a burden placed on the other oligarchs behind Putin, who would love to control a large chunk of a functional economy rather than controlling a large chunk of a banana republic undergoing stagflation and being heavily taxed for the privilege.

What happens when strongman Putin goes away, and occasional defenestration is replaced with factionalism? Or even sooner than that - what happens if the market becomes confident in low oil prices?