CIA Director John Ratcliffe warned Russian officials that the country’s economy could face a Soviet-style collapse if the war in Ukraine continues, according to a report by German newspaper Frankfurter Allgemeine Zeitung (FAZ) published on September 26. A senior diplomat familiar with the CIA’s briefing to Western partner intelligence services following Ratcliffe’s late-August visit to Moscow told FAZ that communicating the US intelligence assessment was the central purpose of the trip. The diplomat described the assessment as concluding: “Russia is losing the war,” according to the report.
Earlier reports had indicated that Ratcliffe delivered a grim assessment of Russia’s military and economic position during his visit to Moscow. Russian President Vladimir Putin reportedly canceled a planned meeting with the CIA director afterward. The latest FAZ report offers further details about the economic warning allegedly delivered to Russian officials. According to the report, US intelligence drew a distinction between Russia’s battlefield position and its longer-term economic prospects. While American intelligence reportedly assessed that the fighting was moving toward a stalemate, it also concluded that Russia would struggle to sustain the war economically.
“The economy will collapse, just as the Soviet Union did at the end of the Cold War,” the diplomat told FAZ, describing the assessment presented to Moscow. The warning was reportedly linked to Washington’s broader policy toward Ukraine. The United States wanted Moscow to understand that the intelligence assessment was influencing its approach and that Russia’s position could deteriorate further over time.
According to FAZ, Putin therefore should not expect Trump to eventually abandon Ukrainian President Volodymyr Zelenskyy. The message from Washington to Moscow was described in blunt terms: “Negotiate!” The intelligence assessment also reportedly influenced how some European officials viewed Washington’s recent diplomatic outreach to Russia, including Trump’s invitation for Putin to attend the G20 summit in Miami in December.
Separately, signs of economic pressure have emerged in Russia’s construction sector. The number of bankruptcy cases involving Russian construction companies reached 1,454 by early September, up from 1,089 in June and 41% higher year over year, according to data from Kontur.Focus cited by Russian media. Industry sources have linked the pressure to weaker housing demand, high financing costs and rising construction expenses. The figures, however, cover bankruptcy cases involving construction companies and should not automatically be interpreted as the number of stalled housing projects.

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