Investments in fixed assets fell by almost 15% in the first quarter. Russian authorities are trying to downplay the scale of the event and talk about a natural correction after the investment boom of 2022–2024. However, such indicators of investment compression have been observed only twice over the past 30 years: in 1998 after the default and in 2009 against the backdrop of the crisis, which resulted in a reduction in Russian GDP by almost 8%.