Russia’s economy is derailing—literally. In May 2025, the country’s rail freight volumes have plummeted to levels not seen since 2009, a sign of profound weakness in its industrial core. The state-owned monopoly Russian Railways (RZD) has reported a 9% year-on-year decline in overall rail loading volumes so far in May, while container rail shipments—one of the most valuable segments—have dropped by over 10%, according to Sergey Shishkarev, chairman of the Delo Group. The statistics are stark.