In a stark indicator of Russia’s economic woes, Russian Railways (RZD) — the country’s largest employer with over 800,000 staff — has reported a net loss of ₽4.207 billion ($52.6 million) under Russian Accounting Standards (RAS) for January to September 2025. This marks a dramatic reversal from the ₽44.7 billion ($558.8 million) profit recorded in the same period last year.